According to Adam Smith's invisible hand principle, productive actions that promote the general welfare of society will be undertaken when
a. political representatives are elected democratically.
b. competitive markets direct the actions of self-interested individuals.
c. the selfish instincts of individuals are controlled.
d. workers are able to organize and develop strong unions.
B
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Explain why when Norway unilaterally fixes its exchange rate against the euro but leaves the krone free to float against the non-euro currencies, it is unable to keep at least some monetary independence
What will be an ideal response?
The 2005-2008 Chinese policy with respect to the Yuan has been to
a. allow its currency to float. b. allow its currency to rise in value quickly. c. allow its currency to rise in value slowly. d. allow its currency to fall in value slowly. e. allow its currency to fall in value quickly.
A. Yahoo, Bing, and Google have roughly equal market shares. B. the Herfindahl index value is 10,000. C. Google holds about 70 percent of the market, while Bing and Yahoo together comprise about 28 percent. D. government subsidies ensure that
search engines are provided at no cost to all Internet users. A. Yahoo, Bing, and Google have roughly equal market shares. B. the Herfindahl index value is 10,000. C. Google holds about 70 percent of the market, while Bing and Yahoo together comprise about 28 percent. D. government subsidies ensure that search engines are provided at no cost to all Internet users.
The cross price elasticity of demand is defined as
A. the percentage change in the demand for one good (a shift in the demand curve) divided by the percentage change in price of a related good. B. the percentage change in the supply for one good (a shift in the supply curve) divided by the percentage change in price of a related good. C. the percentage change in demand for two different commodities. D. the percentage change in price for two different commodities.