Adam Smith believed that if people were free to pursue their own interests,
a. less would be produced than if government planners were in charge of the economy.
b. the public interest would be served quite well.
c. they would generally apply their talents to unproductive activities that would generate little value to society.
d. they would have little incentive to undertake productive activities.
b. the public interest would be served quite well.
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Of the four effects on interest rates from an increase in the money supply, the one that works in the opposite direction of the other three is the
A) liquidity effect. B) income effect. C) price level effect. D) expected inflation effect.
An outward shift in the labor demand curve implies that
A. employers are now looking to hire fewer workers regardless of the wage. B. employers are now looking to hire fewer workers if the wage decreases. C. a greater number of workers are now more willing to work at any given wage. D. employers are now looking to hire more workers at any given wage. E. demand for the firm's output likely fell.
Why did the Kyoto Protocol have only a small impact on overall global greenhouse-gas emissions? Which two countries missed their targets by the largest amounts?
What will be an ideal response?
If good A and good B are complements, then the cross price elasticity of demand of good A for a change in the price of good B is
A. negative. B. positive and greater than 1. C. positive and less than 1. D. zero.