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Economics
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Which of the following statements best describes the economic theories of Adam Smith?
A. Government ought to answer most economic questions for citizens and corporations
B. Private individuals and businesses ought to answer most economic questions for themselves
C. Public and private entities ought to share the responsibility for answering economic questions
D. The church and similar public institutions ought to answer most economic questions

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Collen Von
Collen VonLv2
23 Apr 2020
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Related questions

According to Adam Smith, the “invisible hand” refers to which of the following?

a. The "best interests of society" (public interest) will occur as an outcome of the market process coordinating the self-interested interactions of buyers and sellers (private interest).

b. Government interference in the market to prevent greed.

c. Bribes and graft that interfere with the market process.

d. The "best interests of society" (public interest) will occur as an outcome of careful guidance by government authorities in allocating scarce goods and services according to private interest. 

According to Adam Smith, the "invisible hand" refers to which of the following?

A. The "best interests of society" (public interest) will occur as an outcome of the market process coordinating the self-interested interactions of buyers and sellers (private interest).

B. Government interference in markets to prevent greed.

C. Bribes and graft that interfere with the market process. 

D. The "best interest of society" (public interest) will occur as an outcome of careful guidance by government authorities in allocating scarce good and services according to private interest.

Please answer all of the following multiple choice questions... Thankyou!

1. International officials and business leaders have gathered to discuss free-trade policies. Outside their summit, protesters shout, "People before profit." These activists most likely align with which economic theory? (5 points)
Adam Smith's unregulated supply and demand
John Maynard Keynes's limited government intervention
John Maynard Keynes's mixed market forces
Karl Marx's collapse of capitalism
2. Marx would most likely support a plan for (5 points)
government ownership of most production
creating a worldwide free trade agreement
eliminating income taxes on the wealthy
income taxes based on ability to pay
3. Supply and demand determines prices levels for goods and services in a (5 points)
market economy
traditional economy
demand economy
command economy
4. Which of the following describes a developed/advanced nation? (5 points)
A high gross domestic product and a low per capita income
A high Human Development Index and a high per capita income
A low gross domestic product and a low standard of living
A low Human Development Index and a high standard of living
5. Development may be inhibited in command economies because (5 points)
government controls productivity
businesses focus on subsistence agriculture
businesses prevent specialization
individuals prohibit industrialization
6. Which of the following economic goals focuses on funding technological advances in production? (5 points)
Efficiency
Equity
Freedom
Security
7. The government institutes a new job-training program to prepare economically disadvantaged citizens for higher-paying, technologically advanced jobs. This action benefits the goal of equity by (5 points)
ensuring workers are more productive
helping minimize the education gap
raising government spending
reducing unemployment

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