The concept of the invisible hand was first introduced to economics by:
A. David Ricardo.
B. Adam Smith.
C. Thomas Malthus.
D. Milton Friedman.
B. Adam Smith.
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Falling inequality has been a feature of the HPAE due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
In the endogenous growth model presented in the text, an increase in the fraction of time accumulating human capital
A) increases the growth rate of human capital and increases the growth rate of output. B) increases the growth rate of human capital and decreases the growth rate of output. C) decreases the growth rate of human capital and increases the growth rate of output. D) decreases the growth rate of human capital and decreases the growth rate of output.
For a certain firm, the 100th unit of output that the firm produces has marginal revenue equal to $10 and a marginal cost of $7 . It follows that
a. the production of the 100th unit of output increases the firm's profit by $3. b. the production of the 100th unit of output increases the firm's average total cost by $7. c. the firm's profit-maximizing level of output is less than 100 units. d. the production of the 110th unit of output must increase the firm's profit by less than $3.
Throughout U.S. history, inflation has been highest
A. right before a recession. B. during periods of war. C. during Republican administrations. D. right after a recession.