Which of the following is a major implication of the invisible hand concept?
a. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity.
b. Prosperity cannot be achieved unless the selfish nature of people can be changed.
c. Competition is harmful to the health of an economy because it results in wasteful duplication.
d. Government-operated firms tend to have lower costs than private sector firms.
a. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity.
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The hypothesis that people believe that the BEST indicator of the future is the recent past is
Using the CPI measure of the price level, which is 100 in the base year of 2007, calculate the annual inflation rates for (a) 2013, when the index is 103.7. (b) 2014, when the index is 105.5. (c) 2015, when the index is 107.7
What will be an ideal response?
A market economy provides solutions to almost all social ills such as poverty and environmental damage
a. True b. False Indicate whether the statement is true or false
Explain why a riskier asset offers a higher expected return.
What will be an ideal response?