The idea of the invisible hand was introduced by
A. Wassily Leontief.
B. Adam Smith.
C. Thomas Jefferson.
D. Mountifort Longfield.
Answer: B
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It costs a firm $80 per unit to produce product A and $50 per unit to produce B individually. If the firm can produce both products together at $120 per unit of product A and B, this exhibits signs of
a. Economies of scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
If the equilibrium price of corn is 20 cents an ear and the government imposes a floor of 30 cents an ear, the price of corn will ______________________.
A. increase to 30 cents B. remain at 20 cents C. rise to about 25 cents D. be impossible to determine
The main disagreement among economists about the Laffer curve is about whether
A. increases in taxes will decrease GDP. B. the effect of tax decreases on GDP will be so big as to raise government revenues when taxes are cut. C. cutting marginal tax rates will increase the incentive to work. D. the government will collect maximum tax revenue at a 50% tax rate.
According to Keynes, if the economy is in a deep recession, an increase in aggregate demand will increase _____ without putting significant upward pressure on _____.
Fill in the blank(s) with the appropriate word(s).