Adam Smith, in his book, The Wealth of Nations, advocated:
a. socialism.
b. an economy guided by an "invisible hand."
c. government control of the "invisible hand."
d. the adoption of mercantilism.
b
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Which of the following are typically financed in a "stock market"?
i. shares sold by a firm to finance its international growth plans ii. new mortgages for home buyers iii. credit card balances A) i, ii and iii B) ii and iii C) ii only D) i and iii E) i only
Provide three examples of scarcity that illustrate why even the 1,210 billionaires in the world face scarcity
What will be an ideal response?
Holding all other forces constant, if increasing the price of a good leads to a decrease in total revenue, then the demand for the good must be
a. unit elastic. b. inelastic. c. elastic. d. None of the above is correct because a price increase always leads to an decrease in total revenue.
Related to the Economics in Practice on page 292: The smart phone industry is best characterized as
A. an oligopoly. B. a monopoly. C. monopolistically competitive. D. purely competitive.