Adam Smith Wrote, "It Is Not from the Benevolence of the Butcher

question 195

Multiple Choice

Adam Smith wrote, "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest." He meant that:

• A) most of us no longer get our dinner directly from the butcher, the brewer, and the baker.
• B) butchers, brewers, and bakers are not productive members of society.
• C) high-interest payments mean that no one has to work anymore.
• D) people work for the benefit of others because it benefits them to do so.

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Definitions:

Binomial Populations

Populations that follow a binomial distribution, characterized by fixed number of trials, two possible outcomes, constant probability of success, and independence of trials.

Chi-square Test of Homogeneity

A nonparametric statistical test used to determine if there are significant differences between the distributions of categorical variables across different populations.

Binomial Experiment

A statistical experiment that meets the criteria of having a fixed number of trials, only two possible outcomes, independence between trials, and a constant probability of success.

Goodness-of-fit Test

A statistical test used to determine how well observed data fit the expected distribution.