In His Reply, Smith Discusses the Difference Between What Two

question 6

Multiple Choice

In his reply, Smith discusses the difference between what two things?

• A) Voting and advocacy
• B) Advocacy and running for office
• C) Voting and being a moral person
• D) Democracies and dictatorships

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets, including real property or intellectual property, ensuring control and economic benefits to the rights holder.

External Costs

Costs of a transaction or activity that affect parties who are not directly involved in it, such as pollution affecting the wider community.

Law of Demand

The principle that, all else being equal, an increase in the price of a good will decrease the quantity demanded, and a decrease in price will increase the quantity demanded.

Income Taxes

Taxes levied by governments on individual or corporate income.