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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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.
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.