Homework.doc - Author’s Name Author Professor’s Name Economics Date 1 The first comprehensive work on economics in English was written by Adam

Homework.doc - Author’s Name Author Professor’s Name...

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Author’s Name Author Professor’s Name Economics Date 1. The first comprehensive work on economics in English was written by Adam Smith (1776) and entitled An enquiry into the Nature and causes of the: a) Laws of Supply and Demand. b) Wealth of Nations . c) Movements of Prices in Competition. d) Incomes of Different Social Classes. e) Communist Revolution. 2. Adam Smith’s major contribution to economic analysis was to show what: a) Supply and demand analysis applies in socialist economies. b) Markets require government regulation. c) The public interest is often served by self-interest . d) Speculators and other intermediaries are humanitarians. 3. Adam Smith used the terms “invisible hand” to refer to a process by which: a) People promote social well-being by trying to maximize their own self interests . b) Government can stabilize an economy with proper fiscal and monetary policies. c) Government regulation moves a competitive economy to full employment. d) Mercantilist policies require maximum government control. 4. Adam smith’s famous reference to an “invisible hand” meant that: a) Unregulated market competition enhances economic welfare . b) Government should closely regulate monopolies. c) Pure competition is a divinely inspired market structure. d) Unpublicized conspirators dictate most government policies. 5. The main implication of Adam Smith’s notion of an “invisible hand” was that: a) Pursuit of individual self-interest must be controlled. b) Most people lose sight of what’s good for society.
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Author’s Name c) Most people are motivated primarily by social welfare. d) Competition channels self-interested behaviour to serve all of society .
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Author’s Name Homework 7 Perfect competition: This is an economic or a market situation with a lot of sellers who offer similar products but who lack any market power. This kind of market structure is important in that it provides a thinking framework on how markets with many suppliers providing similar products operate. In other ways, it also analyses those industries with similar characteristics as pure competition providing a means in the application of cost and revenue concepts.
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