Since only a few firms dominate the oligopoly market, cutthroat competition does not exist

According to Adam Smith, what is the primary source of a nation's wealth?

a. The amount of gold and silver in the government's possession. b. A spirit of cooperation in which people share according to their means. c. Strong central planning authorities. d. The people's ability to produce products and trade in free markets.

Why are high rates of unemployment of concern to economists?

A. Higher rates of unemployment generally lead to higher inflation rates. B. Environmental destruction is more prevalent when unemployment rates are high. C. There is lost output that could have been produced if the unemployed had been working. D. All of these options are reasons why economists are concerned about high unemployment rates.