Adam Smith revolutionized the way we think about economic growth with his celebrated book called _________ that was published in _________
a. Progress and Poverty; 1890
b. Capital; 1867
c. The Theory of Business Cycles; 1936
d. The Wealth of Nations; 1776
e. The Theory of Economic Growth; 1914
D
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The short run for the industry is defined as a period
A. too brief for new firms to enter the industry. B. too brief for old firms to leave the industry. C. in which the number of firms in the industry is fixed. D. All of the responses are correct.
Excess reserves that are voluntarily held by institutions are called:
a. Federal funds. b. Customary reserves. c. Preferred assets. d. Bank equity. e. Normal reserves.
Answer the following questions true (T) or false (F)
1. "The distribution of income should be determined by the government" is an example of a positive economic statement. 2. Policies based on positive economic ideas tend to decrease economic efficiency and reduce equity. 3. "A decrease in the price of digital cameras will decrease the demand for camera film." This statement is an example of a positive economic statement.
A point on a total variable cost curve shows the ________ variable cost a firm will bear to produce a certain output.
A. change in B. average C. lowest D. highest