"He [The Producer] Intends Only His Gain, and He Is

question 390

Multiple Choice

"He [the producer] intends only his gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What famous economist made this statement?

• A) Alfred Marshall
• B) Friedrich Hayek
• C) Adam Smith
• D) David Ricardo

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Definitions:

Mediation

The process by which an outside party attempts to help two other parties settle their differences.

Union Shop

A workplace where all employees must join the union within a certain period after being hired.

Closed Shop

A form of union security agreement where the employer agrees to hire union members only, and employees must remain members of a union at all times.

Agency Shop

A workplace where employees must pay union fees even if they are not union members, as long as a union is the recognized bargaining agent for the workplace.