One way to improve efficiency is to keep output constant and "increase" input.
What is False, decrease
100
the name of Adam Smith's most famous book
What is The Wealth of Nations
200
Created Physiocracy
Who is Pierre Samuel du Pont
200
states that when the price of a good falls, consumers tend to buy more of that good
What is income effect
200
produce a standardized product
What is perfectly competitive
200
When the demand for a good increases the good's equilibrium price tends to "increase"
What is true
200
list of numbers that compares price with quantity demanded
What is demand schedule
300
He is the father of "mass production"
Who is Henry Ford
300
type of good that does not last more than 3 years
What is nondurable good
300
few firms in entire industry
What are oligopolies
300
If the supply of tennis rackets increased while the demand remained steady, stores would likely "increase" the prices of the rackets.
What is False, decrease
300
***********DAILY DOUBLE***************
The production of goods which a country or region has absolute or comparative advantage?
What is geographic specialization
400
Had success as a gunpowder entrepreneur
Who is E.I. du Pont
400
type of good linked directly to a consumers income
What is a normal good
400
large number of firms
What is monopolistic competition
400
The value of a good varies according to its utility and its "scarcity".
What is true
400
Exchange of goods in the absence of governmental restrictions or penalties
What is free trade
500
He came up with the concept of comparative advantage.
Who is David Ricardo
500
The study of the choices that individuals and societies make in the production, distribution and consumption of goods.
What is economics
500
besides limited government and freedom of enterprise and competition, to what does the free market economy owe it's proficiency
What are property rights
500
"Absolute" advantage is the ability of an entity to produce a good or provide a service at an opportunity cost that is lower than that of another producer.
What is False, Comparative.
500
what is an illegal system developed to avoid government regulations