Adam Smith
A. argued that capitalism is often confused with democracy.
B. wrote Das Kapital.
C. said that the entrepreneur is motivated by self-interest.
D. coined the phrase: "From each according to his ability, to each according to his needs."
C. said that the entrepreneur is motivated by self-interest.
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________ can trigger an expansion
A) An increase in autonomous expenditure B) A decrease in induced expenditure C) Equality between aggregate expenditure and real GDP D) A downward shift of the AE line E) A decrease in autonomous expenditure
The expenditure multiplier equals 5 and there is a $3 million increase in investment. Equilibrium expenditure
A) increases by $5 million. B) increases by $0.60 million. C) increases by $15 million. D) decreases by $15 million. E) increases by $3 million.