When Adam Smith Presented His Theory of Absolute Advantage, He

question 47

Multiple Choice

When Adam Smith presented his theory of absolute advantage, he assumed that all "value" in an economy was determined by and measured in terms of the _____ used in the production of the various goods.

• A)area of land
• B)labor hours
• C)amount of physical capital
• D)amount of money

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Definitions:

Chaining

A behavioral technique of teaching complex tasks by breaking them down into simpler steps or components.

Combination Lock

A combination lock is a type of lock that opens upon entering a sequence of symbols, typically numbers in a specific order.

Reinforcement

In behavioral psychology, a consequence that will strengthen an organism's future behavior whenever that behavior is preceded by a specific antecedent stimulus.

Discrimination

Unfair or prejudicial treatment of individuals or groups based on characteristics such as race, gender, age, or sexual orientation.