A commercial society, as described by Adam Smith, develops when
A) maximizing income becomes the ultimate objective for most people.
B) more people are employed in service industries than in agriculture and manufacturing.
C) private interest replaces the public interest.
D) the division of labor extends itself throughout the society.
E) traditional values give way to commercial values.
D
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The SAS curve and the LAS curve
A) intersect at potential GDP. B) are parallel at potential GDP. C) are perpendicular to one another at potential GDP. D) None of the above answers is correct.
Rather than prohibiting a good or service, the government might tax it. Imposing such a tax on a good or service ________ the equilibrium price and ________ the equilibrium quantity
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases
Refer to Figure 7-4. If consumers paid the full price of medical services, the price they would pay is
A) $25. B) $40. C) $55. D) >$55.
If the price of apples rises from $.50 to $1.50 and quantity demanded falls from 1,000 to 900, we can conclude that the price elasticity for apples is
a. -20. b. inelastic. c. elastic. d. unitary.