Adam Smith noted in 1776 that
A. the wealth of nations comes from the money the nations have accumulated.
B. the wealth of nations comes from the gold the nations have accumulated.
C. the wealth of nations comes from the resources that produce the nation's goods and services.
D. the problem of scarcity had been licked.
C. the wealth of nations comes from the resources that produce the nation's goods and services.
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Fiscal policy is enacted through changes in:
A. taxation and government spending. B. interest rates. C. unemployment and inflation. D. the supply of money.
Refer to Table 4.3. A change in the price of computers caused the change in quantity demanded shown in the table. The price elasticity of demand (calculated using the initial value formula) is:
A. 4. B. 1. C. 0.25. D. 0.125.
Matt graduated from college six months ago and is currently without work. He accepted a job that will start in three months. Today, Matt is
A. not in the labor force. B. in the labor force. C. employed. D. a discouraged worker.
Changing the units of measurement, e.g. measuring testscores in 100s, will do all of the following EXCEPT for changing the
A) residuals B) numerical value of the slope estimate C) interpretation of the effect that a change in X has on the change in Y D) numerical value of the intercept