Adam Smith Believed That the Best Way to Promote the Public

question 189

Multiple Choice

Adam Smith believed that the best way to promote the public interest was to

• A)have the government produce most goods and services.
• B)let people pursue their own selfish interests.
• C)wait for individuals to set out to promote the public interest.
• D)get rid of the price mechanism.

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Definitions:

Smaller Range

Smaller range refers to a narrower interval between the smallest and largest values in a data set, indicating less variability among the data points.

Test Statistic

A metric derived from sample information in a hypothesis test, utilized to determine the rejection of the null hypothesis.

Null Hypothesis

A statistical hypothesis that assumes no difference or effect in a particular situation, often set to be tested against an alternative hypothesis.

Level of Significance

Typically denotes the threshold under which the null hypothesis is rejected, often identical to the significance level.