The invisible hand refers to the coordination that occurs from:
A. a government agency finding efficiencies.
B. everyone working for the overall good of society.
C. everyone working in his or her own self-interest.
D. a government coordinating economic activity.
Answer: C
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Technological progress will
A) shift the LAS curve rightward but will not shift the SAS curve. B) not shift either the LAS or the SAS curve. C) shift both the LAS and SAS curves rightward. D) shift the SAS curve rightward but will not shift the LAS curve.
The household budget constraint may have a kink because
A) there is uncertainty. B) households prefer diversity. C) households may substitute consumption for leisure, or the reverse. D) leisure is limited by the number of available hours.
If a pure monopolist is operating in a range of output where demand is elastic:
A. it cannot possibly be maximizing profits. B. marginal revenue will be positive but declining. C. marginal revenue will be positive and rising. D. total revenue will be declining.
If the United States had a financial account deficit of $50 billion, we could say the United States had
A. acquired net foreign assets of $50 billion. B. net imports of $50 billion. C. net foreign borrowing of $50 billion. D. a current account deficit of $50 billion.