Adam Smith's invisible hand principle stresses the tendency of
a. self-interested individuals to pursue activities that benefit themselves, but harm the overall economic welfare of society.
b. compassion to encourage productive economic activity.
c. government regulation to bring the self interest of individuals into harmony with the economic welfare of society.
d. the competitive market process to direct self-interested individuals into activities that enhance the economic welfare of society.
d. the competitive market process to direct self-interested individuals into activities that enhance the economic welfare of society.
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According to the quantity theory of money, a shortage of money should result in deflation (falling prices) or negative growth (decreasing quantities of output)
Indicate whether the statement is true or false
The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of goods, services, labor, and financial capital.
Select whether the statement is true or false. A. True B. False
Based on the graph showing the supply and demand for health care service, what would happen to area ABC if a new national program provided unlimited free health care to everyone?
a. It would grow.
b. It would shrink.
c. It would disappear.
d. It would remain stable.
The market value of all final goods and services produced within a country during a specific period
What will be an ideal response?