Adam Smith Believed That ________

question 2

Multiple Choice

Adam Smith believed that ________.

• A)governments should determine trade flows
• B)market forces should determine trade flows
• C)international trade should be restricted by tariffs and quotas
• D)countries should produce most goods themselves and trade as little as possible

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Definitions:

Transitional Poverty

Occurs when a person is living in poverty for a limited period of time; usually results from an event or life circumstance, such as the unexpected loss of employment.

Local Food Bank

A non-profit organization or charity that collects and distributes food to those in need within a local community to combat hunger and food insecurity.

New Employment

The phase of starting to work in a new job position or with a new employer.

Market Basket Measure

A benchmark of income poverty that estimates the cost of a specific set of goods and services representing a modest, basic standard of living.