How could Adam Smith's comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?
A) The butcher, the brewer, and the baker give us our dinner because they want to be well liked in the community.
B) The butcher, the brewer, and the baker give us our dinner because they will be sued if they don't do so.
C) The butcher, the brewer, and the baker give us our dinner because they each earn a living by doing so.
D) The butcher, the brewer, and the baker give us our dinner because they view doing so as a public service.
C
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Cost-push inflation can be started by
A) a decrease in the money wage rate. B) an increase in the money prices of raw materials. C) an increase in the quantity of money. D) an increase in government expenditure on goods and services. E) a decrease in government expenditure on goods and services.
Consider the two economies of Lithasia and Barylia. Economic agents in Lithasia have coordination and incentive problems, while in Barylia social surplus is maximized
Which economic system does each of these economies most likely have? Explain your answer.