Adam Smith's invisible hand refers to
A) the laws of nature that influence economics decisions.
B) the government's unobtrusive role in ensuring that the economy functions efficiently.
C) property ownership laws and the rule of the court system.
D) the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole.
D
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"Protection" is designed to help
a. firms whose relative inefficiency does not permit successful competition with imports. b. workers who have very high productivity, and cannot survive against low-paid foreign workers. c. government that needs revenue from tariffs and quotas to cover government spending. d. firms that are highly efficient, and cannot survive against low-price foreign imports.
________: specific form of current production costs that do not vary with the level of output or input use
Fill in the blank(s) with correct word