Invisible Hand Principle
What will be an ideal response?
The tendency for people, while pursuing their own interests, to promote the economic well-being of society.
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If marginal revenue is greater than zero, then demand at this level of output is
A) unit elastic. B) elastic. C) inelastic. D) steeper than the marginal revenue curve.
The argument that rising energy prices caused the decline in U.S. productivity in the 1970s is made less believable due to the
a. falling level of saving in the 1970s. b. falling level of energy prices in the 1980s. c. rising level of energy prices in the 1980s. d. rising level of energy prices in the 1990s.
Credit bureaus provide credit histories to banks and insurance companies, in order to help deal with the problem of:
A. Public goods B. Externalities C. Moral hazard D. Adverse selection
Farming in the New England colonies tended to be
(a) large scale. (b) worked by slaves. (c) small scale and worked by members of the family. (d) exported to England and its trading partners for high profits.