In An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?
What will be an ideal response?
repetition, continuity, innovation
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A nation's producers can compete effectively with imports from other nations if it has
a. high wages b. low wages c. low labor cost per unit of output d. less specialization e. low labor productivity
The characteristics that money should have include:
A. portability, durability, and flexibility. B. durability, flexibility and stability. C. durability, portability, and non-homogeneity. D. scarcity, portability, and divisibility.
Marginal revenue is the additional revenue a business gets from producing or selling one more unit of input.
Answer the following statement true (T) or false (F)
Which of the following is among the arguments in favor of using government intervention to reduce income inequality?
A. Large income differences eventually lead to political strife and will undermine support for a market economy. B. Government intervention is more effective in promoting creativity and hard work than the hope of higher earnings. C. The income distribution statistics understate inequality because they fail to take economic mobility into account. D. Taking money away from individuals who have earned it is unfair and immoral.