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- Subject
- Theories of Economic Developmenteconomics-mcqs › theories-of-economic-development
- Published
- 27 May 2019
- Last updated
- 28 May 2026
Explanation
The invisible hand suggests that when each person seeks their own benefit, it unintentionally leads to positive results for society as a whole. This means that individual self-interest drives overall economic benefits, rather than deliberate efforts to promote public welfare or maximize growth.
More Theories of Economic Development MCQs
Practice related questions from the same subject.
- 1.What is the fundamental distinction between capitalism and socialism?
- 2.According to Baran, what factors contribute to the underdevelopment of Asia, Africa, and Latin America?
- 3.What does the acronym OECD represent?
- 4.According to Rosenstein-Rodan, where does a significant indivisibility primarily exist?
- 5.What does the Vicious Circle theory suggest about poverty?
- 6.Which factors contributed to the decline of feudalism?
- 7.Which of the following concepts were supported by Adam Smith?
- 8.Which of the following best describes the characteristics of a theory?
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