Who Wrote the Wealth of Nations in 1776, Describing Division

question 131

Multiple Choice

Who wrote The Wealth of Nations in 1776, describing division of labor?

• A) James Watt
• B) Adam Smith
• C) Eli Whitney
• D) Henry Ford
• E) Frederick Taylor

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Definitions:

Production Possibility Frontier

A graph that shows all the maximum production possibilities of two or more products based on certain inputs.

Bowed Out

A phrase indicating withdrawal or retreat from a competition, situation, or commitment.

Increasing Opportunity Costs

The economic concept that as production of a good increases, the opportunity cost of producing an additional unit of that good also increases.

Production Possibilities Schedule

A graphical representation that shows the different combinations of two goods or services that can be produced within a given time period, provided that available resources and technology are static.