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Jean-Baptiste Say argued that entrepreneurs should be called the fourth factor of production because they
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
Policymakers pursue all of the following goals to stabilize the economy except
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
A nation’s automakers install new robotic machinery to build cars. As a result, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
Improved technology helps create a higher standard of living for future generations by
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
Which of the following philosophers argued that a free market would regulate itself with little government involvement?
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
What “invisible hand” regulates the free market economy?
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
What is one advantage of a centrally planned economy?
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
Which of these terms could you use in place of the phrase “human capital”?
skills
high unemployment.
low unemployment due to guaranteed jobs
providing additional goods and services.
organize the other factors and make things happen.
technology.
competition and self-interest
Adam Smith
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