The invisible hand promotes society's interests because:
A. individuals pursuing their self-interest will try to produce goods and services that people in
society want and are willing to purchase.
B. individuals will produce goods for others out of concern for their fellow human beings.
C. it makes sure that everyone wins from competition in the market.
D. government regulation pushes business into producing the right mix of goods and services.
Answer: A
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If firms in competitive price-searcher markets are earning economic losses, what effect will the exit of existing firms have?
a. Demand for the product of each firm will be reduced until the losses are eliminated. b. Demand for the product of each firm will increase until all firms earn zero profit. c. Demand for the product of each firm will increase until price is greater than average total cost. d. Demand for the product of each firm will fall until price equals marginal cost.
For an employee (agent) with formal leadership assignments or title, specific knowledge can be:
A. something that evolves into general knowledge. B. the result of an intuitive translation. C. a significant source of power in ratification of proposals. D. a problem and a potential reason for loss of employment.
Consider a demand curve that has a constant elasticity value of 0. What happens to quantity demanded and total revenue when price increases?
A) The quantity demanded does not change but total revenue decreases. B) The quantity demanded and total revenue fall to zero. C) The quantity demanded and total revenue remain the same. D) The quantity demanded does not change but total revenue increases.
Exports account for what percent of GDP in the United States?
a. 2 percent b. 5 percent c. 11 percent d. 15 percent e. 20 percent