When Feeding America changed its food allocation system to one that resembled a market, each food program was given a number of "shares" that they could use in bidding against other food programs for the types of food that best met the needs of the
people using their programs. This is an example of how the market leads firms to provide consumers with the goods they want, which Adam Smith described by using the metaphor
A) the invisible hand.
B) ceteris paribus.
C) don't look a gift horse in the mouth.
D) don't bite the hand that feeds you.
Answer: A
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Switzerland has experienced the lowest rate of price increases in the post World War II period. Consequently, Lucas would predict
A) small supply responses to variations in the inflation rate. B) large supply responses to variations in the inflation rate. C) small demand responses to variations in the inflation rate. D) large demand responses to variations in the inflation rate.
Output per person is 170 in an economy in which 15 percent of the population are engaged in research and development, where their productivity is 0.002, and the total population size is 100 million
If this economy is on a balanced growth path, then output per person in the next period will be ________. A) 175.1 B) 195.5 C) 176.2 D) 177.3