Adam Smith Argued in the Wealth of Nations That the Relative

question 4

Multiple Choice

Adam Smith argued in the Wealth of Nations that the relative values of different goods was determined by:

• A) demand and supply.
• B) the invisible hand.
• C) the relative amounts of labor used in their production.
• D) the relative amounts of profit.

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Definitions:

Informal System

An unstructured and unofficial means of operation within an organization, consisting of activities and communications that are not prescribed by formal rules, policies, or structures.

Reinforcement

The process of encouraging or establishing a behavior through rewards or punishments.

Job Success

Achieving or exceeding the performance standards and goals set for a specific job role over a period.

Lawsuits

Legal actions or proceedings brought in a court, involving two or more parties in dispute seeking a legal judgment.