The Idea That Only the Government Can Organize Economic Activity

question 98

Multiple Choice

The idea that only the government can organize economic activity in a way that promotes economic well-being for a country as a whole

• A)is a basic principle regarding individual decisionmaking.
• B)amounts to a denial of one of the basic principles regarding interactions among people.
• C)supports the idea that the "invisible hand" should guide economic activity.
• D)was promoted by the economist Adam Smith in a well-known 1776 book.

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Definitions:

So-Called

A term used to indicate that the word or phrase that follows is not an accurate or genuine description of the subject.

Phenylethylamine (PEA)

An organic compound that acts as a central nervous system stimulant in humans and is thought to elevate mood and promote feelings of attraction.

Testosterone

A steroid hormone that plays a key role in the development of male reproductive tissues and secondary sexual characteristics.

Lactic Acid

An organic acid produced in muscles during intense exercise, responsible for the sensation of muscle fatigue.