According to Adam Smith's invisible hand doctrine:
A. self-interest best serves the interests of society.
B. laissez faire must be improved by government intervention.
C. producers should serve the best interests of society.
D. only laissez faire mercantilism best serves the interests of society.
Answer: A
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An exchange rate crisis may lead to a banking crisis and disintermediation
Indicate whether the statement is true or false
The real wage
A) is the nominal wage divided by the price level. B) automatically increases with the cost of living. C) is the price level divided by the nominal wage. D) is the nominal wage multiplied by the price level.
Why does inefficiency exist in monopolistic competition?
Economists who support minimum-wage legislation are likely to believe that the
a. demand for unskilled labor is relatively inelastic. b. demand for unskilled labor is relatively elastic. c. supply of unskilled labor is relatively elastic. d. supply of unskilled labor is relatively inelastic.