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Author Question: Adam Smith's ________ refers to the process by which individuals acting in their own self-interest ... (Read 43 times)

joe

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on: Jun 29, 2018
Adam Smith's ________ refers to the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole.
 
  A) survival of the fittest theory B) invisible hand
  C) Utopian society D) comparative advantage model

Question 2

Describe the trends and fluctuations in the U.S. employment-to-population ratio and labor force participation rate from 1980 to 2014 .
 
  What will be an ideal response?


Yixagurpuldink

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

The labor force participation rate and the employment-to-population ratio had an upward trend from 1980 until about 2000 after which they turned downward. Both show fluctuations around these trends, especially the employment-to-population ratio which rises during expansions and falls during recessions but its fall between 2008 and 2010 was particularly severe. The labor force participation rate also fell between 2008 and 2010 but the fall was not as dramatic. Recently the labor force participation rate has been near 63 percent and the employment-to-population ratio has been near 59 percent.


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