What did Adam Smith perceive was primarily responsible for improving standard of living?
What will be an ideal response?
Increased specialization in production
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Under market capitalism, resources are allocated primarily through
a. government decree b. voter consensus c. tradition d. lottery e. prices
The estimated cost of automobile jobs saved due to limitations on foreign autos is $105,000 per job. Why is there a cost to saving jobs through protectionism?
Suppose you have a choice between studying one more hour for your history exam or studying one more hour for your psychology exam. Your decision on what to study should be based on:
a) the additional benefits of studying for each class. b) which class you like the most. c) how much time you have already studied for each class. d) your current average scores in each class.
An increase in government expenditure can ________ potential GDP and an increase in taxes can ________ potential GDP
A) increase; never change B) increase; increase C) decrease; decrease D) never change; never change E) increase; decrease