Both the social sciences and the natural sciences employ ________ to help them understand the world around them
A) models
B) designs
C) traditional thinking
D) implications
A
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Classical economists believed that
A) real GDP per person would rise above its subsistence level in the long run. B) real GDP per person would never rise above its subsistence level in the long run. C) the demand for labor increases when the population increases. D) population growth decreases as real GDP per person rises.
The precautionary demand for holding money is when people hold money:
a. instead of near money. b. to transact purchases they expect to make. c. as insurance against unexpected needs. d. to speculate in the stock market. e. to take advantage of changes in interest rates.
Which economist developed the concept of the invisible hand?
a. John Maynard Keynes b. Adam Smith c. Karl Marx d. Milton Friedman
If price equals average total cost, then total revenue
a. equals total cost b. equals total fixed cost c. equals total variable cost d. is greater than total cost e. equals marginal revenue