Adam Smith Coined the Term "Invisible Hand" to Describe the Process

question 84

Multiple Choice

Adam Smith coined the term "invisible hand" to describe the process by which:

• A)self-interest leads an economy to ruin.
• B)self-interest leads to an allocation of goods and services that is relatively efficient.
• C)private interests are sacrificed for the benefit of society.
• D)the wealthy become richer and the poor become poorer.

Analyze the impact of bargaining tactics and strategies on negotiation outcomes.

Recognize the influence of economic, legal, and organizational factors on strike incidence and outcomes.

Understand the rights and legal limitations concerning strike participation and strike actions.

Understand the rationales and outcomes of strikes and how they influence employer-employee negotiations.