Suppose that you study hard, master the principles of economics, and earn a good grade in your economics class. This is an example of a good institution because:
A) your school is selective; not everyone can get in.
B) your self-interest in getting good grades aligns with the social interest of having people who understand economics.
C) everybody gets good grades.
D) sometimes the invisible hand is absent, not just invisible.
Correct Answer:
Verified
Q26: Economists believe that socially good outcomes arise
Q27: Adam Smith's metaphor of the "invisible hand"
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Q32: When markets don't align self-interest with social
Q33: If market incentives to produce are too
Q34: Adam Smith sought to explain the concept
Q35: The invisible hand concept is:
A) always present
Q36: Which of the following statements reflects Adam
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