Question

The "invisible hand" is

a. used to describe the welfare system in the United States.
b. a concept developed by Adam Smith to describe the virtues of free markets.
c. a concept used by J.M. Keynes to describe the role of government in guiding the allocation of resources in the economy.
d. a term used by some economists to characterize the role of government in an economy — inevitable but invisible.

Answer 1

Answer and Explanation:

b. a concept developed by Adam Smith to describe the virtues of free markets.