Fundamentals of Economics. Доловова Н.Н - 28 стр.

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and Ricardo, economists' opposition to trade restrictions is still based largely on the
principle of comparative advantage.
Answer the questions
1. Have you ever heard of the name “Adam Smith”? What do you know about him?
2. What is the title of the book Smith wrote in 1776?
3. Was his book important for economics?
4. What examples does Adam Smith give to illustrate the principle of
comparative advantage?
5. What do you know about David Ricardo? What is he famous for?
6. What is the link between Adam Smith and David Ricardo?
7. What did David Ricardo defend in his book “Principles of Political Economy
and Taxation”?
8. What law did David Ricardo oppose as a member of the British Parliament?
9. Despite disagreements on questions of policy what unites all economists?
10. What has changed in economics since the time of Smith and Ricardo?
Fill in the gaps using the words given
(produced, premise, customer, provides, monopolist, abandoned, market economies,
consumed, taxes)
1. Communist countries worked on the _____ that central planners in the
government were in the best position to guide economic activity.
2. These planners decided what goods and services were _____, how much was
produced, and who produced and _____ these goods and services.
3. Today, most countries that once had centrally planned economies have _____
this system and are trying to develop _____.
4. _____ distort prices and thus the decisions of households and firms.
5. Before discussing the behavior of a price-discriminating _____, we should note
that price discrimination is not possible when a good is sold in a competitive market.
6. And if any firm tried to charge a higher price to a _____, that customer would
buy from another firm.
7. The reason is that this rule _____ a way to separate business travelers and
personal travelers.

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