An Insight First Fully Developed by Adam Smith Is That

question 84

Multiple Choice

An insight first fully developed by Adam Smith is that

• A)without benevolence production would not occur.
• B)all individuals are motivated solely by self-interest.
• C)self-interest,not benevolence,is the foundation of economic order.
• D)self-interest undermines effective economic order.
• E)individual self-interest is the only necessary force for social order.

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Definitions:

Assembly Department

A segment of a manufacturing process where components are put together to assemble a final product.

Process Costing

An accounting methodology used for homogenous products, where costs are accumulated to produce an average cost per unit across the entire production process.

Assembly Department

A section within a manufacturing facility where components are assembled into final products.

Equivalent Units

A term used in cost accounting to express the amount of work done on partially finished goods in terms of fully completed units.