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
Answer: D
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The slope of the LM is not influenced by
A) the gap between money demand and supply. B) the interest rate sensitivity of money supply. C) the interest rate sensitivity of money demand. D) The slope of the LM curve is influenced by all of the above.
The opportunity cost of deficit spending is likely to be low: a. only when it creates new physical capital
b. only when it creates new human capital. c. only when it improves existing physical capital. d. only when it improves existing human capital. e. when it creates or improves physical or human capital.