Adam Smith's idea of the "invisible hand" says that given a country's resources and its initial distribution of wealth, the use of markets will
A) insulate a nation from the effects of political instability.
B) eliminate problems of hunger and dissatisfaction.
C) eliminate inequalities between the rich and the poor.
D) make people as economically well off as possible.
D
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How does Adam Smith's idea of the "invisible hand" apply to the various parts, made by many different manufacturers in many different countries, that are used by Apple to produce an iPad?
What will be an ideal response?
Typically a mix of informational and persuasive advertising is used for
A) experience goods. B) credence goods. C) credible goods. D) search goods.
The federal budget experienced surpluses from _____
a. 1998 to 2001 b. 2002 to 2006 c. 1970 to 1973 d. 1991 to 1994 e. 1985 to 1988
The idea of purchasing power parity:
A. rarely holds. B. explains why standards of living have changed over time. C. always holds. D. explains how standards of living is fixed over time.