Adam Smith's invisible hand refers to
A) the laws of nature that influence economics decisions.
B) the government's unobtrusive role in ensuring that the economy functions efficiently.
C) property ownership laws and the rule of the court system.
D) the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole.
D
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According to the "rational expectations" school of thought in macroeconomics, the short-run Phillips curve is ________ in face of anticipated changes in monetary policy
A) horizontal B) vertical C) negatively sloped D) positively sloped
A firm's economic profit is the difference between its total revenue and total costs, including the opportunity costs of the resources used in the business
a. True b. False Indicate whether the statement is true or false
Using a graph, explain both the substitution effect and income effect that result from an increase in the price of a normal good.
What will be an ideal response?
Which of the following can shift the labor demand curve to the right?
A. decrease in product price B. increase in wages C. increase in productivity D. decrease in the marginal product