The Concept of the "Invisible Hand" Means

question 20

Multiple Choice

The concept of the "invisible hand" means

• A)pursuit of private gain will bring the best overall results.
• B)although it can't be seen,the hand of government controls the economy.
• C)feudalism inevitably gives rise to capitalism.
• D)externalities must be internalized.

---

Definitions:

Sample Information

Data or facts obtained from a subset of a larger population, used for the purpose of statistical analysis or estimation of parameters of the entire population.

Expected Monetary Value

A statistical technique used in decision-making to calculate the average outcome when the future includes scenarios that may or may not happen.

Expected Payoff

Expected Payoff is a term often used in economics and finance to describe the average outcome of a set of uncertain events, considering each possible outcome and its probability.

Perfect Information

A situation in which all participants have access to all the information needed to make an informed decision.