Adam Smith's basic economic philosophy stated in The Wealth of Nations can be stated as:
a. laissez faire. b. allow to act.
c. the least government is best. d. all of these.
d
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If two goods are perfect complements, the shapes of the indifference curves are
A) bowed toward the origin. B) bowed away from the origin. C) straight lines. D) right-angled lines.
A decrease in the demand for chocolate with no change in supply will create a ________ of chocolate at today's price, but gradually the price will ________
A. surplus; fall B. shortage; fall C. surplus; rise D. shortage; rise
Because there is a trade-off between inflation and unemployment in the short run,
a. lower unemployment will typically cause inflation to fall. b. policies designed to reduce unemployment will typically set off a recession. c. policies designed to reduce inflation will cause unemployment to fall as well. d. higher inflation will generally be associated with higher unemployment. e. lower inflation will generally be associated with higher unemployment.
In the following graph, the price of labor is $15 per unit. The minimum cost of producing 1,000 units of output is:
A. $1,800 B. $ 150 C. $ 450 D. $ 600 E. none of the above