What did Adam Smith perceive was primarily responsible for improving standard of living?
What will be an ideal response?
Increased specialization in production
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Significant economic growth did not begin in the world until
A) 1000 A.D. B) 1750 A.D. C) 1820 A.D. D) the 20th century A.D.
Describe the difference between technology and positive technological change
What will be an ideal response?
The quantity of good M is measured along the vertical axis, and the quantity of good N is measured along the horizontal axis. If the prices of both goods M and N declines by 50% each, then the budget line
A. shifts inward to the left by 50%. B. rotates clockwise by 180 degrees. C. shifts outward to the right by 100%. D. shifts outward to the right by 50%.
In the payoff matrix:
A. both firms have a dominant strategy.
B. neither firm has a dominant strategy.
C. Alpha has a dominant strategy, but Beta does not.
D. Beta has a dominant strategy, but Alpha does not.