In His Book, an Inquiry into the Nature and Causes

question 615

Multiple Choice

In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith credits economies of scale to

• A)competition.
• B)opportunity costs.
• C)specialization.
• D)incentives.

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Definitions:

Secure Form

A digital form that implements security measures to protect the data being transmitted from unauthorized access or alterations.

Importer's Bank

A financial institution that facilitates transactions, including payment, for a company importing goods from another country.

Small Scale Industry

A sector comprising of businesses that operate on a small scale, typically characterized by low investment, fewer employees, and less revenue compared to large-scale industries.

Open Account

A form of payment in which an importer doesn’t pay for goods until after they have been received, creating an unfavorable balance of value for the exporter.