When Private Jets,Inc

question 74

Multiple Choice

When Private Jets,Inc.finds itself losing contracts because Global Aviation,Inc.charges less money,Private Jets responds by lowering its bids.According to Adam Smith,this reaction demonstrates _____.

• A)the invisible hand of competition
• B)collision
• C)the right to private property
• D)social responsibility

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Definitions:

Standard Deviation

The statistical metric that calculates the dispersion or spread of data points in a dataset around the average value.

Raw Score

An untreated score before manipulation or processing to make it a standard score, as must be done for all norm-referenced tests. Raw scores alone tell us little, if anything, about how a person has done on a test. We must take an individual’s raw score and do something to it to give it meaning.

Publisher Score

The score provided or established by the entity responsible for creating and distributing a test, indicating a test taker's performance relative to predefined criteria or norms.

Ordinal Scale

A scale of measurement in which the magnitude or rank order is implied; however, the distance between measurements is unknown.