Multiple Choice
The idea that firms and resource suppliers in seeking to further their own self-interests in a competitive market economy also simultaneously promotes the public or social interest is a description of:
A) the guiding function of prices.
B) capital accumulation.
C) the "invisible hand."
D) dollar votes.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: Economic efficiency would be primarily discussed in
Q9: The "invisible hand" concept suggests that:<br>A)market failures
Q10: The "invisible hand" refers to the:<br>A)fact that
Q11: Which of the following best describes the
Q12: Consider a barter situation where you have
Q14: The market system is said to be
Q15: Money functions as a medium of exchange
Q16: The private ownership of property resources and
Q17: A purely competitive economy assumes the existence
Q18: How do workers typically express self-interest?<br>A)by minimizing