What Aspects of Adam Smith's Perspective on Economic Growth Do

question 63

Multiple Choice

What aspects of Adam Smith's perspective on economic growth do today's neoliberal privatization programs build on?

• A) Smith's belief in increased governmental control of the market is in opposition to privatization.
• B) Smith argued for unfettered competition in the market and called for government assistance to ensure this result.
• C) Smith's belief in laissez-faire-"leave it alone"-economics calls for a free market.
• D) Smith supported the idea of colonialism and felt that governments were best suited to implement privatization.

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Definitions:

Energy Source

A point or substance from which energy can be obtained to provide heat, light, power, or other forms of energy.

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust all inputs.

Substitute Resources

Alternative resources or inputs that can be used in production to replace other resources, helping to maintain production when some resources are scarce.

Natural Resource

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.