Adam Smith's invisible hand refers to
A) the government's unobtrusive role in ensuring that the economy functions efficiently.
B) property ownership laws and the rule of the court system.
C) the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole.
D) the laws of nature that influence economics decisions.
Answer: C
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All else equal, what is likely to happen to the unemployment rate during a recession?
a. It increases as real GDP increases. b. It decreases as real GDP remains the same. c. It increases as real GDP decreases. d. It decreases as cyclical unemployment decreases. e. It decreases as real GDP decreases.
The Sherman Antitrust Act of 1890 prohibits:
a. monopolization. b. perfect competition. c. oligopoly. d. monopolistic competition.
When the dollar declines in value against a foreign currency, it is called a(n):
a. appreciation. b. depreciation. c. inflation. d. deflation
A demand curve shows the graphical relationship between quantity demanded and:
a. quantity produced b. demand c. price. d. costs.