Adam Smith advocated laissez-faire because he believed it was in the interest of:
A. society as a whole.
B. capitalists, whom he regarded as the most dynamic and progressive element in society.
C. the proletariat, who would receive higher wages.
D. the government, which would profit from higher taxes.
Answer: A
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Refer to the scenario above. What can Edward do to induce the housekeeper to work regularly?
A) Pay an efficient wage B) Pay a lower money wage C) Pay a lower real wage D) Pay the minimum wage that the housekeeper would accept
Given the values in the table above, the IS curve is ________
A) Y = 34.6 - 2r B) Y = 8.65 - 2r C) Y = 22.6 - 2r D) Y = 8.33 - 0.67r E) none of the above
The marginal propensity to consume (MPC) is computed as the change in:
a. consumption divided by the change in savings. b. consumption divided by the change in disposable personal income. c. consumption divided by the change in GDP. d. None of these.
When a new firm considers entering a market, it takes into account only the profit it would make. What are the two external effects that occur in the market that the firm does not consider?