Famous insight regarding “an invisible hand” to promote general economic well-being by given by:
a. |
Milton Friedman |
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b. |
John Keynes |
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c. |
Adam Smith |
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d. |
Alfred Marshall
A visual model of the economy, that shows how dollars flow through markets among households and firms is:
Production Possibilities Frontier_____________
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Trade ____________
a. |
does not make everyone better off |
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b. |
makes the economy Independent |
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c. |
makes an economy Interdependent |
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d. |
is good only for developed countries. |
The ability to produce a good using fewer inputs than another producer is called
a. |
Goods & Services Advantage |
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b. |
Factor Advantage |
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c. |
Input resource advantage |
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d. |
Absolute advantage |
Markets for Goods & Services in the circular flow diagram provides
a. |
Land and labor to the business firms |
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b. |
revenue to the business firms and goods & services to the households |
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c. |
factors of production to the households |
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d. |
raw materials to the business firms |
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