Economics Quiz
2. What is meant by the phrase 'invisible hand' in the context of economics?
- something that makes sure everyone is paid equally for equal work
- what develops when there are few rules and regulations and competition becomes the guiding force
- the hand of Revenue Canada that dips into people's bank accounts when the government has run out of money
- the force that keeps women poor
Not Quite, Though it is related.
Correct Answer: B
This phrase was coined by Adam Smith who argued that a 'laissez-faire' or let it be approach, with few rules and regulations, would eventually create prosperity for all.
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