Which of the following is not an idea advocated by Adam Smith?
a. Businesspersons conspiring to fix prices are a threat to the price system.
b. Pursuit of private self interest with an invisible hand is the best way to promote the public interest.
c. Government should control the economy.
d. The government should provide for national defense and little else.
Question 2
If the marginal propensity to consume (MPC) is 0.75, a 50 decrease in government spending, other things being equal, would cause equilibrium real GDP to:
a. increase by 50.
b. decrease by 50.
c. increase by 200.
d. decrease by 200.
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Kiki Smith, Bird Skeleton.
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