In the context of economic theory, the 'Invisible Hand' suggests that:
A. Markets always fail
B. Collective ownership is optimal
C. Government planning is necessary for efficiency
D. Individuals pursuing self-interest can promote social welfare through market mechanism
Answer: Option D
Solution (By JKSSB Mock Tests)
Adam Smith's concept of the invisible hand argues that individuals seeking their own gain in competitive markets unintentionally promote the overall social good.
Explanation:
The services sector is the largest contributor to India's GDP and has been a major driver of growth, particularly through IT, financial services, trade and tourism.
Explanation:
GST replaced a large number of cascading central and state taxes with a unified destination-based tax that permits seamless input tax credit.
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