The famous economist who coined the metaphor "the invisible hand" is:
A. Mickey Kantor.
B. Ben Bernanke.
C. Milton Friedman.
D. Adam Smith.
Answer: D
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Classicals argue that an adverse supply shock would
A) raise neither the natural rate of unemployment nor the actual rate of unemployment. B) raise the actual rate of unemployment, but not the natural rate of unemployment. C) raise the natural rate of unemployment, but not the actual rate of unemployment. D) raise both the natural rate of unemployment and the actual rate of unemployment.
Which of the following utility functions has the same MRS as U(q1,q2 ) = q1 q2?
A) q11/2 q21/2 B) q1 + q2 C) q11/2 + q21/2 D) (q11/2 + q11/2 )2
Suppose that flu shots create a positive externality equal to $8 per shot. Further suppose that the government offers a $11-per-shot subsidy to producers. What is the relationship between the equilibrium quantity and the socially optimal quantity of flu shots produced?
a. They are equal. b. The equilibrium quantity is greater than the socially optimal quantity. c. The equilibrium quantity is less than the socially optimal quantity. d. There is not enough information to answer the question.
Foreign ownership of debt has decreased the burden of the debt on future generations of Americans absolutely and relatively
Indicate whether the statement is true or false