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MMLU-Pro / 6937 / State one important reason why Smith's principle of the "invisible hand" does…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

State one important reason why Smith's principle of the "invisible hand" does not assure the "perfect functioning," without government intervention, of the U.S. economy today.

category

economics

options

  1. Smith's principle is outdated
  2. Smith's principle relies on the assumption of unlimited natural resources
  3. Government intervention is always necessary
  4. The "invisible hand" is countered by the presence of monopolies and oligopolies
  5. Perfect competition is required for Smith's principle to be completely effective
  6. The principle is based on global, not national, economies
  7. Smith's principle does not account for externalities affecting the economy
  8. Smith's principle assumes all actors have perfect information
  9. The "invisible hand" only works in non-technological markets
  10. Smith's principle only applies to certain markets

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
6937
task_id
cb5f5269-d06d-5fd2-ab98-af9501dafb57
task_key
default--test--6937
task_revision_id
1
config / split
default / test

Official source

initial import