The "invisible hand" refers to
a. the government.
b. the free market.
c. central planners.
d. large businesses.
b
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The U.S. Health Resources and Services Administration (HRSA) forecasts that in 2020
A) the number of doctors in the United States will decrease and the number of doctors needed will increase. B) there will be a surplus of doctors in the United States. C) there will be a shortage of doctors in the United States. D) the number of doctors in the United States will increase and the number of doctors needed will decrease.
When prices rise, what happens to income?
a. It goes down. b. It buys less. c. It rises to meet prices. d. It is used to buy different things.
Karl Marx published:
A. Das Kapital. B. General Theory of Communism. C. The Wealth of Nations. D. Capitalist Manifesto.
Suppose you and a classmate decide to split up tasks for a group project. In two hours you can write 6 pages of a paper or create 24 presentation slides. In the same two hours your classmate can write 4 pages of a paper or create 20 slides. Your work is of equal quality. Do you have an absolute advantage in production for this project?
What will be an ideal response?