A Basic Premise of Adam Smith's Is

question 31

Multiple Choice

A basic premise of Adam Smith's is

• A) human beings try to avoid acquisitive behavior.
• B) when people are left to pursue their own economic interests, disaster looms.
• C) the division of labor, though good for the firm, reduces overall efficiency.
• D) we can secure what we need from others only by offering them something they need from us.

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Definitions:

Standard Error

The standard deviation of the sample distribution of a statistic, often used in the context of mean.

Mean

The central or typical value in a distribution, calculated as the sum of all observations divided by the number of observations.

Confidence Interval

A swath of values, taken from statistical analyses of a sample, anticipated to hold within it the value of a not-yet-known population trait.

Standard Error

The standard deviation of the sampling distribution of a statistic, typically the mean.