ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -On March 9, 1776, An Inquiry into the Nature and Causes of the Wealth of Nations-commonly referred to simply as The Wealth of Nations-was first published. 1 Smith, a Scottish moral philosopher by trade, wrote the book to describe the industrialized capitalist system that was upending the mercantilist system.
Detailed explanation-2: -Adam Smith’s Wealth of Nations is a foundational treatise in economic thought, but one that is as much philosophical in character as it is economic. It extolls the benefits of the division of labor, competition, and trade.
Detailed explanation-3: -But by far the most important factor in determining the different trends in household wealth among countries is the general level of economic activity as represented by aggregate income, aggregate consumption or GDP.