In An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?
What will be an ideal response?
repetition, continuity, innovation
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What does it mean when economists say that labor and capital are complementary inputs?
What will be an ideal response?
According to the Monetarists an increase in investment spending initially __________ unemployment so that the price level __________. The resulting __________ in the real money supply __________ spending
A) increases; rises; increase; decreases B) increases; falls; increase; increases C) decreases; falls; decrease; increases D) decreases; rises; decrease; decreases
The public policies designed to mitigate the effects of monopolies are:
A. highly debated issues. B. well-defined and accepted. C. highly effective. D. proven to increase benefits more than increase costs.
Prohibiting price increases in situations of true scarcity could best be described as
a. interfering with the "law" of supply and demand. b. thwarting the "law" of increasing returns to scale. c. violating the "law" of increasing cost. d. interfering with the "law" of diminishing marginal utility.