The "Invisible Hand" Concept to Describe the Guiding Function of Prices

question 4

Multiple Choice

The "invisible hand" concept to describe the guiding function of prices was developed by:

• A) Jeremy Bentham.
• B) Adam Smith.
• C) Milton Friedman.
• D) David Ricardo.

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Definitions:

Insecticide

A chemical substance used to kill insects.

Median Difference

The middle value separating the higher half from the lower half of a data set's difference distribution.

Sign Test

A non-parametric statistical test used to evaluate whether the median of a population differs significantly from a specified value.

Significance Level

The threshold used in hypothesis testing to determine whether to reject the null hypothesis, commonly denoted as alpha (α).