Asked by Jasmine Simpson on Apr 28, 2024
Verified
Statement I: Adam Smith believed the key to wealth for a nation was self-sufficiency.
Statement II: Adam Smith believed what made sense in the conduct of a private family's economic endeavors also made sense for those of a nation.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his theories on free market economics and the 'invisible hand' concept.
Self-sufficiency
The ability of an individual, household, or country to meet all their needs without external assistance or international trade.
Economic Endeavors
Various activities or efforts aimed at the production, purchase, or sale of goods and services in an economy.
- Acquire knowledge on the fundamentals of opportunity cost involved in the decision-making processes of individuals and nations.
Verified Answer
Learning Objectives
- Acquire knowledge on the fundamentals of opportunity cost involved in the decision-making processes of individuals and nations.
Related questions
An Opportunity Cost Is the Potential Benefit Obtained by Using ...
Suppose That Julia Receives a $20 Gift Card for the ...
If Farmer Sam MacDonald Can Produce 200 Pounds of Cabbages ...
(Table: Production Possibilities Schedule I)Use Table: Production Possibilities Schedule I ...
The Cost Involved When Choosing Between Alternatives Is Known as ...