In His Book the Wealth of Nations, Adam Smith Employed

question 12

Multiple Choice

In his book The Wealth of Nations, Adam Smith employed the example of a pin factory in order to explain what economic concept?

• A)the relationship between the marginal and average product of labor
• B)the law of diminishing returns
• C)why no firm would want to hire so many workers as to experience a negative marginal product of labor
• D)the division of labor

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Definitions:

Male

A biological sex that in many species, including humans, is typically characterized by the production of small, mobile gametes called sperm.

Lubricating Fluid

A substance applied between two surfaces to reduce friction and wear, commonly used in machinery and biological joints.

Arousal

A physiological and psychological state of being awoken or alert, often associated with increased activity in the sympathetic nervous system.

Vagina

Component of the female reproductive system that serves as the birth canal; receives the penis during copulation.