Both Adam Smith and David Ricardo

question 77

Multiple Choice

Both Adam Smith and David Ricardo

• A) were advocates of free trade and opponents of protectionism.
• B) were advocates of protectionism and opponents of free trade.
• C) developed trade theories based on the demand side of an economy.
• D) maintained that precious metals represented the wealth of a nation.

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Definitions:

Assessed Value

The dollar value assigned to a property for purposes of measuring applicable taxes or the value of a property as determined by an appraisal method by a public tax assessor.

Mill Rate

A tax rate applied to property value, with one mill representing one-tenth of a cent ($0.001).

Revenues

The total amount of money received by a company for goods sold or services provided during a certain period of time.

Fraction

A mathematical formula that signifies dividing one value by another.