Identify the Truthfulness of the Following Statements

question 41

Multiple Choice

Identify the truthfulness of the following statements.
I. The profit in a perfectly competitive market is the one that maximizes the economic benefits (the sum of consumer and producer surplus) .
II. In a way, statement I represents the "invisible hand" of the marketplace that Adam Smith was discussing in his 1776 classic treatise sometimes referred to as "The Wealth of Nations."

• A) Both I and II are true.
• B) Both I and II are false.
• C) I is true; II is false.
• D) I is false; II is true.

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Definitions:

1882

The year notable for the enactment of the Chinese Exclusion Act in the United States, which was the first significant law restricting immigration into the United States.

Padrone

An employment broker or agent, often used historically to refer to one who exploited Italian and other immigrants in the United States by controlling their employment and living conditions.

Unskilled Workers

Individuals employed in a job that requires minimal training or education, often performing manual or menial tasks.

Nineteenth-Century Immigrants

Refers to the large waves of immigrants who moved to the United States during the 19th century, many of whom were escaping famine, religious persecution, and economic hardship in their home countries.