Adam Smith's Wealth of Nations, written in 1776, describes the market's invisible hand representing the
A) King of England's control over the colonies.
B) control all governments have in organizing the market.
C) efficiency the market achieves without the interference of governments.
D) inefficiency of markets when governments do not organize them.
E) invisible command system that efficiently allocates resources.
C
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The labor force is defined as people
A) who have a job or are looking for a job. B) in the working-age population who have a job. C) in the working-age population who have a full time job. D) who are 16 years of age or older.
If a government imposes a quota on imports of a popular doll, the price of the doll in the country will ________ and the quantity purchased in the country will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease