Which of the Following Was a Key Belief of Adam

question 12

Multiple Choice

Which of the following was a key belief of Adam Smith?

• A) he felt that human goodness would provide adequate goods and services to everyone.
• B) he stressed that limited exchange and command economies would prevent the exploitation of the poor.
• C) he believed that individuals pursuing their own interests would direct economic activity in the most advantageous way.
• D) he lectured about the importance of gold and silver in providing a stable monetary system.

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Definitions:

Many Buyers

A market condition where numerous consumers are present, contributing to competition and demand for products.

Many Sellers

A characteristic of competitive markets where there are numerous suppliers offering similar or identical products, enhancing consumer choice.

Vanilla Ice Cream

A popular flavor of ice cream made primarily with vanilla extract.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a specified period of time.