The concept of the invisible hand was first introduced to economics by:
A. Adam Smith.
B. Thomas Malthus.
C. Milton Friedman.
D. David Ricardo.
Answer: A
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The magnitude of the slope of an indifference curve is:
A) called the marginal rate of substitution. B) equal to the ratio of the total utility of the goods. C) always equal to the ratio of the prices of the goods. D) all of the above E) A and C only
A decrease in the price of spaghetti is likely to cause:
A. an outward shift of the demand curve for spaghetti. B. a movement to the right along the demand curve for spaghetti. C. an inward shift of the demand curve for spaghetti. D. a movement to the left along the demand curve for spaghetti.
Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?
A) network externalities B) market failure C) diminishing marginal utility D) the income effect of a price change
Many economists argue that items such as food and clothing should be exempt from sales tax because low-income people spend a greater percentage of their income on these goods than do high-income individuals. This argument is motivated by concerns over
A. equity. B. efficiency. C. economic stability. D. economic growth.