The concept of 'Invisible Hand' was introduced by:
A. John Maynard Keynes
B. Adam Smith
C. Alfred Marshall
D. Karl Marx
Answer: Option B
Solution (By JKSSB Mock Tests)
Adam Smith in 'The Wealth of Nations' introduced the concept of the invisible hand, suggesting that individuals pursuing their self-interest unintentionally promote the social good.
The concept of 'Social Reproduction' in feminist economics refers to:
A.Only the reproduction of capital
B.Only biological reproduction without social dimensions
C.The activities and processes that maintain and reproduce the labour force on a daily and intergenerational basis, often performed unpaid within households
Explanation:
Social reproduction encompasses the unpaid and paid activities—care, domestic work, education, health—that reproduce people as social and economic beings on a daily and generational basis.
Explanation:
Social marginal cost includes both private costs and external costs. It is used in the analysis of externalities and in determining the socially optimal level of output.
Explanation:
The value of final goods and services produced within the domestic territory is the common base for both GDP and GNP. GNP adjusts GDP by adding net factor income from abroad.
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