In Principles of Political Economy,John Stuart Mill

question 6

Multiple Choice

In Principles of Political Economy,John Stuart Mill

• A)called for the uprising of workers to achieve better working conditions.
• B)agreed with Adam Smith that the "invisible hand of the market" should be setting wages for workers.
• C)agreed with Adam Smith that workers should not be overpaid but instead of market forces he claimed that God was in charge.
• D)disagreed with Adam Smith and called for the government to help the workers.
• E)asserted that the government should set prices and wages.

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Definitions:

Corn Laws

A series of laws in the 19th century Britain that imposed restrictions and tariffs on imported grain to protect domestic grain producers.

Imports

Goods and services bought by a country from another country, contributing to international trade.

Exports

Goods or services provided by one country to another in exchange for foreign currency, contributing to a country's economic health.

Absolute Advantage

The ability of an individual, company, or country to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.