Adam Smith Asserted That a Person Should Never Attempt to Make

question 193

Multiple Choice

Adam Smith asserted that a person should never attempt to make at home

• A)what it will cost him more to make than to buy.
• B)any good in which that person does not have an absolute advantage.
• C)any luxury good.
• D)any necessity.

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Definitions:

Excludable

A characteristic of a good where it is possible to prevent people who have not paid for it from having access to it.

Rival

A term describing a good or resource that cannot be enjoyed by more than one individual or group without reducing its availability to others.

Private Good

A product or service that is excludable and rival in consumption, meaning its use is limited to paying customers and one individual's use diminishes another's ability to use it.

Cheeseburger

A cooked ground beef patty served between two slices of a bun, often with various toppings such as cheese, lettuce, and tomatoes.