MCAT Critical Analysis and Reasoning Skills Question 112: Answer and Explanation
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Question: 112
6. The term invisible hand in Smith's economic theory is most defined by the principle that:
- A. there is a natural price of things.
- B. individual action can influence society.
- C. economics can be quantified through analytical tools.
- D. manufacturers can change existing government policy.
Correct Answer: B
Explanation:
B This is an Inference question.
A: No. While Smith does believe in the possibility of a "natural" price of things (see paragraph 4), this is not the primary principle underlying his "invisible hand" theory. The idea of the "natural" price level creates a backdrop within which Smith's "invisible hand" (human self-interest) may act.
B: Yes. Smith believes that people acting in self-interest will have an inadvertent affect on the "well-being of society" (see paragraph 2). This is at the heart of Smith's theory of the "invisible hand."
C: No. Although Smith did introduce analytical tools to the study of economics (paragraph 6), the idea of quantification is not presented as an underlying principle of the "invisible hand" theory.
D: No. While paragraph 5 that explains that Smith's theory provides manufacturers a rationale for desiring change in government policy, the author does not present this very specific possibility as an underlying principle (nor do we know that the manufacturers were successful).