"An Inquiry into the Nature and Causes of the Wealth of Nations" published in 1776 was written by
A) Alfred Marshall. B) Karl Marx.
C) John Maynard Keynes. D) Adam Smith.
D
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Which of the following is true of government purchases?
What will be an ideal response?
Which of the following arguments is not a valid argument against the effectiveness of the fiscal stimulus bill?
A. Employment continued to fall into early 2010. B. Without stimulus recessions come to an end naturally. C. State and local government spending increased. D. Monetary policy played a large role in stimulating the economy.
________ refers to the reduction in economic surplus resulting from not being in competitive equilibrium
A) Marginal cost B) Producer atrophy C) Deadweight loss D) Economic shortage
Suppose there are two market structures: A and B. Market A is characterized by free entry and exit of firms and firms under this structure face a horizontal demand curve. Market B has only one seller. Identify the market structures
Comment on the pricing mechanism, long-run profitability, and social surplus under both market structures.