What did Adam Smith identify as the source of the invisible hand in 1776?
A) a benevolent central government that decided was best for everyone
B) an individual's concern for fellow humans
C) an individual's own self-interest
D) the stock market
E) buyers' and suppliers' concerns to obtain and retain good reputations
C
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In the very long run, theoretically there will be equilibrium if capital and labor are free to migrate. If and when this ever happens, what will the global economy experience?
a. an equality of wages and marginal product b. an equality of returns to the owners of capital c. a fully Paretoefficient world economy with the highest standard of living possible d. an equality of wages and marginal product, an equality of returns to the owners of capital, and a fully Paretoefficient world economy with the highest standard of living possible
Over the past few years, airlines have tended to compete in the market for intercontinental business class travelers on the basis of:
A) price. B) cost. C) timeliness of their flight schedules. D) amenities.