Asked by Jordan Novak on Jul 08, 2024
Verified
Adam Smith believed all of the following EXCEPT
A) never attempt to make at home what it will cost more to make than to buy.
B) what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation.
C) a nation will gain if its citizens trade among themselves,but it will probably lose if it trades with other nations.
D) specialization and exchange benefited both individuals and nations.
Adam Smith
Scottish economist known as the father of modern economics, best known for his theory on free markets and the invisible hand guiding economies.
Specialization and Exchange
Economic strategy where individuals, regions, or nations focus on producing goods in which they have a comparative advantage, and then trade with others for what they need.
- Understand the foundation and advantages of global commerce for distinct countries.
Verified Answer
KP
Kiara PereaJul 14, 2024
Final Answer :
C
Explanation :
Adam Smith believed in the benefits of free trade, and that nations should specialize in producing goods they were most efficient at producing and then trade with other nations for goods they lacked. Therefore, he did not believe that a nation would lose by trading with other nations.
Learning Objectives
- Understand the foundation and advantages of global commerce for distinct countries.
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