Adam Smith's Book, One of the First Systematic Treatments of Economics

question 245

Multiple Choice

Adam Smith's book, one of the first systematic treatments of economics, was entitled

• A)The Plan of the Ages.
• B)The General Theory of Money, Taxes, and Income.
• C)The Wealth of Nations.
• D)Principles of Economics.
• E)Concepts in Moral Philosophy.

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Definitions:

Total Cost

The complete cost of production, including both fixed and variable costs, for producing a specified number of goods or services.

Price L

A symbolic representation often used in economic models to denote the price of a particular good or service, labeled "L".

Output

The amount of goods or services produced by a company, industry, or economy.

Deer

A type of wild or farmed animal with antlers that is often hunted for sport, meat, or for its skin.