What did Adam Smith perceive was primarily responsible for improving standard of living?

What will be an ideal response?


Increased specialization in production

Economics

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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.

Economics

Describe the difference between technology and positive technological change

What will be an ideal response?

Economics

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%.

Economics

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.

Economics