Which of the Following Observations Was Made Famous by Adam

question 376

Multiple Choice

Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations?

• A) There is no such thing as a free lunch.
• B) People buy more when prices are low than when prices are high.
• C) No matter how much people earn, they tend to spend more than they earn.
• D) Households and firms interacting in markets are guided by an "invisible hand" that leads them to desirable market outcomes.

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Definitions:

Cultures Of Honor

Societal norms that emphasize the defense of reputation and status through aggressive responses to insults or threats.

Humiliation

A state of disgrace or loss of self-respect (or of respect from others).

Humiliation

The state of being ashamed or losing respect for oneself, often as a result of embarrassing or demeaning treatment.

Habitual Drinkers

Individuals who routinely engage in drinking alcohol, often as part of their daily patterns or in response to certain cues or contexts, sometimes leading to dependency.