Answer:
B. prices would do a better job of coordinating the activities of buyers and sellers than markets could.
Explanation:
In 1776, the Scottish economist and philosopher also known as the father of economics, suggested that price was better left to produce better market results than the intervention of guilds.
He was of the opinion that price control and regulations by guilds were disruptions to market play and would not be as efficient as allowing price be determined by the market(buyers and sellers). Adam was a pioneer of the free market economic theory.
Answer:
B) medicine
Explanation:
Michael E. DeBakey was an American physician, scientist, vascular and cardiac surgeon, and medical educator. He was born on the 7th of September, 1908 in Louisiana, United States of America. Dr Michael held so many high profile position in his 75 years of active service such as becoming the chancellor emeritus of Baylor College of Medicine in Houston, Texas, USA.
Denton A. Cooley was an American heart and cardiothoracic surgeon born on the 22nd of August, 1920 in Texas, United States of America. Dr Cooley was a pioneer surgeon in the field of total artificial heart implantation. He held many notable positions in Texas and as such he was famously known around the world.
In 1951, Dr Denton Cooley was hired by Dr Michael DeBakey to work at the Baylor College of Medicine and The Methodist Hospital, as an associate professor of surgery.
During this time, they both collaborated to improve the national and international healthcare standards by inventing the roller pump used in the heart-lung machine for blood transfusion during a heart surgery.
Hence, the Texas industry which was able to grow as a result of the scientific breakthroughs made by Michael DeBakey and Denton Cooley is medicine.
Answer: Option (D). Free enterprise.
Explanation: Andrew live in a free enterprise economy. Free enterprise is a type of economy where products, prices, and services are determined by the market, not the government. Things that are free are unconstrained, and a business is an enterprise. So, free enterprise can be referred to an economy where businesses are free from government control.
Free Enterprise gives Andrew the right to freely pursue business activity, without government control, with the objective of capital gain. A free enterprise economic system is regarded as a crucial component of capitalist economic policy. It dictates that the government will not unduly interfere with economic transactions, When citizens and businesses are free to work hard and succeed, they contribute to a strong and dynamic economy and that's good for everyone.
<u>Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period</u>. <u><em>Though GDP is usually calculated on an annual basis</em></u>, it can be calculated on a quarterly basis as well (in the United States, for example, the government releases an annualized GDP estimate for each quarter and also for an entire year).
GDP includes all private and public consumption, government outlays, investments, private inventories, paid-in construction costs and the foreign balance of trade (exports are added, imports are subtracted).
<u><em>The correct answer is</em></u>: <u>The total monetary value of all the finished goods and services produced in a country in a given period</u>.
