Which of the following is a major implication of the invisible hand concept?
a. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity.
b. Prosperity cannot be achieved unless the selfish nature of people can be changed.
c. Competition is harmful to the health of an economy because it results in wasteful duplication.
d. Government-operated firms tend to have higher efficiency and lower costs than private sector firms.
A
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In a monetary system, people will exchange a good for
a. another good. b. a service. c. money. d. gold or other precious metals.
The term demand refers to
a. a collection of numbers, listing the quantities demanded at a variety of hypothetical prices. b. the information on tastes, incomes, and prices needed to determine people's desired purchases of a commodity. c. the amount of a commodity that is being purchased under current market conditions. d. the quantity purchased at each and every possible level of income.