The Invisible Hand Refers to

question 50

Multiple Choice

The invisible hand refers to

• A) Intervention in the economy by the government bureaucrats we do not see and over whom we have no control.
• B) Undiscovered natural resources.
• C) The allocation of resources by market forces.
• D) The person who has the responsibility to coordinate all the markets in a market economy. Resources are allocated efficiently as if directed by an unseen force.

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Definitions:

Relationships

Connections or associations between individuals, based on feelings, interactions, and social bonds.

Volunteer Bias

The tendency for volunteers, such as in research studies, to differ from the general population in significant ways, potentially skewing results.

Random Sampling

A method of selecting a sample from a population in which every individual has an equal chance of being chosen.

Correlation Coefficient

A number between −1.00 and +1.00 that indicates the direction (negative or positive) and extent (from none to perfect) of the relationship between two variables.