Adam Smith Noted That People Are Adept at Pursuing Their

question 47

Multiple Choice

Adam Smith noted that people are adept at pursuing their own self-interests, and that ____ harnesses this self-interest remarkably well.

• A)a totalitarian regime
• B)a market system
• C)a democratic government
• D)a closed system

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Definitions:

Two Jobs

Working for two distinct employers at the same time, often to increase income through additional work.

Wages

Payments made to employees for services rendered, typically calculated on an hourly, daily, or piecework basis, and subject to income tax.

Self-Employment Tax

A tax primarily for individuals who work for themselves, covering Social Security and Medicare taxes.

Sole Proprietor

An individual who owns and operates a business alone, assuming complete responsibility for all assets and liabilities.