"An Inquiry into the Nature and Causes of the Wealth

question 14

Multiple Choice

"An Inquiry into the Nature and Causes of the Wealth of Nations" published in 1776 was written by

• A)John Maynard Keynes.
• B)Karl Marx.
• C)Alfred Marshall.
• D)Adam Smith.

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Definitions:

Retaliation

Actions taken in response to an offense or wrongdoing, often seen in international trade policies as countermeasures to tariffs.

Trade War

A situation where countries impose tariffs or other trade barriers against each other in response to disputes, which can lead to decreased international trade.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay.

Predatory Dumping

It involves temporarily reducing the price of goods in foreign markets to eliminate competition, with the intent to raise prices once competition has been reduced or eliminated.