While specialization and exchange were very important to Adam Smith in 1776, they have largely lost their importance in the 21st century
a. True
b. False
Indicate whether the statement is true or false
False
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You have been hired by the city to determine whether or not an increase in the price of tickets for the mass transit system would raise system revenues. The debate has been heated and the city council seems to be divided. One side argues that in order
to increase revenues from the transit system, prices must be increased. The opposing side argues that a price increase at this time will lower revenues. What assumptions are each side making about the price elasticity of demand, and how might you determine the best course of action?
Refer to Scenario 5.4. What is the pay-off of outcome C?
A) -150 B) 0 C) 25 D) 100 E) 150
Gross domestic product is the sum of:
A. the market values of all final goods and services produced within a country in a given period of time. B. the market values of all intermediate goods and services produced within a country in a given period of time. C. all final goods and services produced by a country's citizens in a given period of time. D. the market values of all final goods and services produced by a country's citizens in a given period of time.
Based on the graph showing the run-up of nominal home prices, home prices first began a long upward trend in the ______.
a. 1910s
b. early 1930s
c. 1940s
d. early 1990s