Why is wage and price flexibility crucial to the idea of the "invisible hand?"
What will be an ideal response?
Wage and price flexibility is crucial because in a free-market system, changes in wages and prices are the signals that coordinate the actions of people and businesses in the economy.
Economics
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How has the development of the microchip and information technology contributed to increased productivity?
What will be an ideal response?
Economics
Which of the following emphasizes government spending as a counter cyclical approach to create economic expansion?
a. Keynesian economics b. supply-side economics c. classical economics d. Say’s Law
Economics