The idea that only the government can organize economic activity in a way that promotes economic well-being for a country as a whole
a. is a basic principle regarding individual decisionmaking.
b. amounts to a denial of one of the basic principles regarding interactions among people.
c. supports the idea that the "invisible hand" should guide economic activity.
d. was promoted by the economist Adam Smith in a well-known 1776 book.
b
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Which of the following groups has had declining labor force participation over the past 30 years?
A. Women B. Men C. Teenagers D. Americans
Assuming all else equal, any change that causes a decrease in the credit supply at a given real interest rate will cause:
A) the credit supply curve to shift to the right. B) an upward movement along the credit supply curve. C) a downward movement along the credit supply curve. D) the credit supply curve to shift to the left.
Production costs for a given output will be minimized when the
A. budget line and the product indifference curve meet in the vertical axis. B. budget line crosses the product indifference curve. C. budget line begins to bend back on itself. D. product indifference curve and the budget line are tangent.
"Reagonomics" was consistent with supply-side economics except for the fact that it
a. pushed for lower money growth. b. called for higher total government spending. c. pushed for tax cuts. d. pushed for reductions in nonmilitary government spending.