Which of the Following Statements Reflects Adam Smith's Important Insight

question 150

Multiple Choice

Which of the following statements reflects Adam Smith's important insight into marketplace behavior?

• A) Society benefits when people and firms pursue their own self-interests.
• B) Markets are usually an inefficient way of organizing economic activity.
• C) Greedy, self-interested behavior needs to be constrained to ensure strong economic growth.
• D) Trade restrictions on imported goods increase domestic employment.

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Definitions:

People of Color

A term used to describe individuals of non-white racial or ethnic backgrounds, emphasizing diversity and the experiences of racial discrimination.

Termination and Relocation

Policies or practices related to ending programs, services, or statuses, and moving individuals, often forcibly, from one location to another.

Assimilation

The process by which individuals or groups adopt the culture, behaviors, and norms of another group, often losing distinctive aspects of their original identity.

Statehood

The status of being recognized as an independent nation with a defined territory and government, capable of engaging in relations with other states.