Adam Smith's Invisible Hand Refers to

question 149

Multiple Choice

Adam Smith's invisible hand refers to

• A)the government's unobtrusive role in ensuring that the economy functions efficiently.
• B)property ownership laws and the rule of the court system.
• C)the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole.
• D)the laws of nature that influence economics decisions.

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Definitions:

Independent Variable

In an experiment, the stimulus variable or condition the experimenter manipulates to learn its effect on the dependent variable.

Manipulated

Altered or controlled by someone or something in a skillful or sometimes deceitful manner.

Projective Tests

Psychological assessments that use ambiguous stimuli to uncover hidden emotions and internal conflicts.

Accurate

Accurate pertains to the correctness, precision, or truthfulness of information, measurements, or representations.