Adam Smith, in his book, The Wealth of Nations, advocated:
a. socialism.
b. an economy guided by an "invisible hand."
c. government control of the "invisible hand."
d. the adoption of mercantilism.
b
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Holding all other forces constant, if increasing the price of a good leads to a decrease in total revenue, then the demand for the good must be
a. unit elastic. b. inelastic. c. elastic. d. None of the above is correct because a price increase always leads to an decrease in total revenue.
Related to the Economics in Practice on page 292: The smart phone industry is best characterized as
A. an oligopoly. B. a monopoly. C. monopolistically competitive. D. purely competitive.
Which of the following are typically financed in a "stock market"?
i. shares sold by a firm to finance its international growth plans ii. new mortgages for home buyers iii. credit card balances A) i, ii and iii B) ii and iii C) ii only D) i and iii E) i only
Provide three examples of scarcity that illustrate why even the 1,210 billionaires in the world face scarcity
What will be an ideal response?