Questions on Lectures Self-interest a. is never to anyone\'s benefit other than
ID: 1136620 • Letter: Q
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Questions on Lectures Self-interest a. is never to anyone's benefit other than to the selfish person. b can lead to the social good according to Adam Smith if government properly r behavior c. can lead to the social good according to Adam Smith but only in a commutarian d. can lead to the social good according to Adam Smith when there is competition in the market place. e. both c) and d) are correct. Smith provides a philosophical argument for a. a commutarian society b. the market economy economic individualism. both b) and c) are correct. d. Which of the following is (are) possible? a. Both the nominal and the real price of a good can increase. b. The nominal price of a good can increase, but the real price can decline. c. The nominal price of a good can increase, but the real price can stay constant. d. All of the above. (3 Which is (are) correct? The demand curve shifts to the right and then the price increases. The price increases, and that makes the demand curve shift to the left. b.Explanation / Answer
1) According to Adam Smith when individual acts on their own self interest in exchange of goods and services leads to social good.
Answer: can lead to social good according to Adam Smith when there is a competition in market place.
2)Adam Smith in his book wealth of Nations told how economic individualism helps the society to grow in a better way and how free market economy creates wealth.
Answer: both B and C are correct.
28) Feudalism means exchange of military protection for land or a property. So feudal system centres ariaro property right.
Answer: Feudalism
27) In feudalism the whole system is centred around land as it is used as an exchange for services of labour , military etc
Answer: the whole system was centred around it and interwined with status.
19) In sales maximization model the firm after reaching a certain point should give up profits and focus on increasing their revenue from sales.
Answer: profits
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