HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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government interference prevented the growth of a nations wealth
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laissez faire
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the government should put tariffs on goods
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the governments role in economy should be limited
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Detailed explanation-1: -[2] Smith argued that when one nation is more efficient than another country in producing a product, while the other nation is more efficient at producing another product, then both nations could benefit through trade.
Detailed explanation-2: -What Were Adam Smith’s 3 Laws of Economics? The law of self-interest, the law of competition, and the law of supply and demand were the three laws of economics written by Adam Smith.
Detailed explanation-3: -We have seen that Adam Smith would agree with at least two principles of laissez-faire economics: (1) he believed that free, self-interested economic transactions promote the well-being of society; and (2) he was highly suspicious of government’s attempt to regulate the economy and competition.