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Questions and Answers
What did Adam Smith label the modern economy as?
What did Adam Smith label the modern economy as?
- The conspicuous mechanism
- The invisible hand (correct)
- The visible machine
- The transparent market
What do economists use to enhance their understanding of the invisible hand?
What do economists use to enhance their understanding of the invisible hand?
- Guesswork
- Superstitions
- Anecdotes
- Models (correct)
What do economists call the empirical regularities observed in economies?
What do economists call the empirical regularities observed in economies?
- Unsubstantiated claims
- Coincidental occurrences
- Stylized facts (correct)
- Random observations
What signals do economies emit as they allocate goods and services?
What signals do economies emit as they allocate goods and services?
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What relationship seems to exist between inflation and the rate of unemployment in the short term?
What relationship seems to exist between inflation and the rate of unemployment in the short term?
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