Adam Smith used the term commercial society to refer to a society in which
A) business interests control the political system.
B) everyone identifies value with price.
C) everyone lives by exchanging.
D) increased income is everyone's principal life goal.
E) people behave without regard for the interests of others.
C
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One method of dealing with the unfairness of substantial price increases caused by a national crisis is for government to
a. impose price ceilings and allocate goods by issuing ration coupons b. print ration coupons and allow buyers to bid for them c. shift the supply curve to the left d. impose price floors to protect consumers e. shift the demand curve to the right
Suppose you buy two tickets to the concert; one for you and one for your girlfriend. Nevertheless, the day of the concert your car brakes down preventing both of you from attending it. Assuming both you and your girlfriend had the same preferences, which of the two of you stand to lose the most from not being able to attend the concert?
A. Both of you stand to lose the same. B. Your girlfriend. C. You. D. None of you would stand to lose anything.