Which of the following choices best illustrates the concept ofAdam Smith's ―invisible hand‖?
A) A Vietnamese farmer grows rice; an exporter ships it to the United States, and a grocer in New York sells it to a
Customer.
B) A fishery's stock of fish becomes depleted due to overfishing as boats from around the world converge.
C) A government regulates a firm to clean up the pollutants it has released as part of its production process.
D) An apartment building is built, which provides much needed housing, on the site of the only playground for children in that
Town.
Correct Answer:
Verified
Q1: basic postulate of economics indicates that changes
Q2: Susan quits her administrative job, which pays
Q5: idea that markets work efficiently:
A)refers to the
Q6: an effort to clean the air, many
Q7: opportunity cost of winning a free ticket
Q8: Economists think that people are self-interested:
A)only when
Q9: the market for pharmaceuticals, the issue of
Q9: Suppose the U.S. government wants to encourage
Q20: Recall the chapter opening story about the
Q36: Which of the following statements reflects Adam
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents