The Philosophy of Classical Economics Developed by Adam Smith _____________

question 27

Multiple Choice

The philosophy of classical economics developed by Adam Smith _____________.

• A)was adopted by the Aborigines in the Kakadu region of Australia
• B)argues that individuals acting in their own self -interest harm society
• C)assures equality between rich and poor
• D)proposes maintenance of economies through government restraint and regulation
• E)advocates free -market policies that many credit for the tremendous gains in material prosperity of industrial nations

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Definitions:

Ounces

A unit of weight in the Imperial system equal to one-sixteenth of a pound, or 28.349 grams.

Mixed Numbers

Values that include both a whole number and a fractional part, indicating amounts more than one.

Improper Fractions

Ratios in which the top number is equal to or larger than the bottom number.

Lowest Terms

The simplest form of a fraction, where the numerator and denominator are reduced to their smallest possible values by dividing both by their greatest common divisor.