JAMB Economics 2012 Question 18

Question 18

Economic Systems

The invisible hand promotes the interests of

  1. A.consumers
  2. B.society
  3. C.government
  4. D.producers.
Show the answer and explanation

Answer: B (society)

Explanation

Adam Smith argued that when each person pursues his own gain in a free market, the price system guides them, as if by an invisible hand, to benefit society.