The basic postulate of economics indicates that changes in incentives influence the:
A) actions of producers but not consumers.
B) actions of consumers but not producers.
C) choices of individuals only when they buy and sell goods in the marketplace.
D) choices of individuals with regard to a wide range of activities, including those generally perceived as social or political.
Correct Answer:
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Q2: Adam Smith wrote, "It is not from
Q3: Suppose the United States government wants to
Q4: In the opening story, the payment to
Q5: Economists assume that people respond to:
A) other
Q6: Adam Smith's "invisible hand" refers to:
A) people's
Q8: Which financing method for transporting prisoners from
Q9: Economists think that people are self-interested:
A) only
Q10: If there was no _, the "invisible
Q11: Every day people rely on the work
Q12: In his book The Wealth of Nations,
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