Free markets can:
a. prouduce goods and services with maximum efficiency
b. solve unemployment
c. protect the environment
d. all of these
a
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Some oil refineries were damaged by Hurricane Ike of 2008, leading to
A) a decrease in supply of gasoline. B) a decrease in quantity supplied of gasoline. C) a decrease in demand for gasoline. D) a decrease in quantity demanded for gasoline.
When Adam Smith's ten pin workers specialized, they were able to increase output of pins in a day from 200 to 48,000. One reason for the increase in pin output was due to
A) the time saved when workers do not need to shift from one task to another. B) the boredom the workers suffered when they stopped making a whole pin and only concentrated on one task such as painting the heads white. C) new machinery. D) the bonus they received when they produced more pins.