Adam Smith's Belief That the Pursuit of Self-Interest by Individuals

question 34

Multiple Choice

Adam Smith's belief that the pursuit of self-interest by individuals leads to social betterment is called the:

• A) public good.
• B) elimination of externalities.
• C) invisible hand.
• D) private good.

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Definitions:

White Ethnics

National immigrant groups of Eastern and Southern European descent who share a common experience of immigration to the United States and a history of oppression. Included are Italians, Poles, Greeks, Armenians, Jews, Irish, and various ethnic groups making up the Russian Republic (Czech, Lithuanian, Russian, Slovak, Ukrainian).

Northern Europe

A geographic and cultural region in Europe, known for its high standard of living and progressive social policies, often including countries like Norway, Denmark, Sweden, Finland, and Iceland.

Ethnic Minority Groups

Subgroups within a larger society that are distinguished by language, culture, or race, and often have fewer members or less power than the dominant group.

Demographic Items

Specific characteristics used in surveys or studies to categorize individuals, such as age, gender, income level, and education.