Adam Smith Recorded in 1776 That the "Two Greatest and Most

question 32

Multiple Choice

Adam Smith recorded in 1776 that the "two greatest and most important" events in the history of mankind were the:

• A) discovery of America and the Portuguese sea route around Africa to Asia.
• B) discovery of America and the beginning of the slave trade.
• C) birth of mercantilism and the Portuguese sea route around Africa to Asia.
• D) beginning of the slave trade and the Portuguese sea route around Africa to Asia.
• E) discovery of America and the birth of mercantilism.

---

Definitions:

Supply Function

A mathematical relationship that describes the quantity of a good or service that producers are willing to sell at various prices.

Demand Function

A mathematical equation representing the relationship between the quantity demanded of a good and factors affecting its demand, such as price.

Inverse Demand

A representation of demand that expresses price as a function of quantity demanded, contrary to the typical demand function.

Inverse Supply

A concept in economics that describes a situation in which the supply of a good decreases as its price decreases, opposite to the normal supply behavior.