The Social Arrangements That Govern the Ownership, Use, and Disposal

question 9

Multiple Choice

The social arrangements that govern the ownership, use, and disposal of property are referred to as

• A) the double coincidence of wants.
• B) capitalism.
• C) private enterprise.
• D) property rights.

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Definitions:

Multinomial

Related to outcomes or processes that can fall into more than two categories in statistical experiments.

Categories

Distinct groups or classes into which items or individuals can be sorted based on shared qualities or characteristics.

Proportion

A statistical measure that indicates the fraction of the total population that possesses a particular attribute or characteristic.

Chi-squared Goodness-of-fit Test

This test assesses if observed frequencies in a single categorical variable match expected frequencies determined from a theoretical distribution.