Adam Smith
A. wrote The Wealth of Nations.
B. said that the entrepreneur is motivated by self-interest.
C. coined the term "the invisible hand," which means that the profit motive guides economic resources which effectively promotes the public interest.
D. All of the statements about Adam Smith are true.
D. All of the statements about Adam Smith are true.
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An individual wanting the most liquid asset possible will hold
A) currency. B) a savings account. C) gold. D) U.S. government bonds.
The Social Security and Medicare programs have been a failure in terms of reducing poverty among elderly U.S. citizens
Indicate whether the statement is true or false
Which of the following is a TRUE statement about the economic assumption of rationality?
A) Individuals who are rational necessarily ignore the interests of others. B) Individuals generally act as though they are rational. C) Individual behavior may be irrational but group behavior is always rational. D) People make decisions as if they are most selfish in the world.
Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget
A) a normal good; very small B) an inferior good; very small C) a normal good; very large D) an inferior good; very large