"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What famous economist made this statement?
a. Alfred Marshall
b. Friedrich Hayek
c. Adam Smith
d. David Ricardo
C
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Investment banks purchase new security issues in the hope of making a profit. This is the act of
A) reinsuring. B) factoring. C) syndicating. D) underwriting.
Refer to Figure 2.1. At point E, demand is:
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
A manufacturer of light bulbs sells its products to retail stores and requires the stores to sell the bulbs to customers for $2 per bulb. This practice is known as tying
a. True b. False Indicate whether the statement is true or false
The members of the Board of Governors of the Federal Reserve are
A) elected by a vote of the Federal Reserve District Bank presidents. B) appointed by the President of the United States with approval by the Senate. C) appointed by the Congress with approval by the President of the United States. D) elected by a general election of the citizens of the United States.