The invisible hand refers to the coordination that occurs from:
A. everyone working in his or her own self-interest.
B. a government agency finding efficiencies.
C. everyone working for the overall good of society.
D. a government coordinating economic activity.
A. everyone working in his or her own self-interest.
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What is the marginal propensity to consume (MPC) and why is it important in predicting consumer behavior?
What will be an ideal response?
Refer to Table 14-1. What is the Nash equilibrium in this game?
A) Star Connections increases its advertising budget, but Godrickporter does not. B) There is no Nash equilibrium. C) Both Godrickporter and Star Connections increase their advertising budgets. D) Godrickporter increases its advertising budget, but Star Connections does not.
What is stagflation, and how does it occur? How is stagflation represented in the aggregate demand-aggregate supply model?
What will be an ideal response?
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his marginal rate of transformation of food for shelter?
A) -5 B) -50 C) -.02 D) None of the above.