Adam Smith was the 18th century economist who said the invisible hand of competition would reduce ________ profits in business to normal levels. （ ）
A: excess
B: exceeding
C: eccentric
D: implicit
A: excess
B: exceeding
C: eccentric
D: implicit
举一反三
- The economist Adam Smith argued powerfully for Laissez-faire in his great work The Wealth of Nations (1776) and described it as “the invisible hand”.
- In any case, inflation is a monetary phenomenon. Who said this ( )? A: Friedman B: Keynes C: Adam Smith D: Marx
- 18. Invisible hand is a term used by the economist ______ to describe how the decisions of households and firms lead to desirable market outcomes.
- The laissez-faire theory of the 19th century should be understood as ______. A: government control of economy B: monopoly of economy by big business C: cut-throat competition and survival of the fittest D: government giving the business people a free hand in managing economy
- Adam Smith is well known for ___________ A: Specification B: absolute advantage theory C: comparative advantage theory D: perfect competition