Which of the Following Best Describes the Invisible-Hand Concept

question 229

Multiple Choice

Which of the following best describes the invisible-hand concept?

• A) The desires of resource suppliers and producers to further their own self-interest will automatically further the public interest.
• B) The inability to substitute resources creates a conflict between private and public interests and calls for government intervention.
• C) The market system is the best system for overcoming the scarce resources-unlimited wants problem.
• D) Central direction by the government will improve resource allocation in a capitalistic economy.

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Definitions:

Mass Migrations

Large-scale movements of groups of people from one geographical area to another, often resulting from factors like conflict, natural disasters, or economic opportunities.

Privatization

The process of transferring ownership or the operation of services and assets from the government to the private sector.

Neoliberalism

An economic and political approach advocating for free-market capitalism, minimal government intervention, and a reduction in public expenditure for social services.

Public Services

Services provided by the government to people living within its jurisdiction, either directly or by financing private provision of services.