HISTORY
THE INDUSTRIAL REVOLUTION
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Adam Smith promoted little government involvement in the economy?
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Explanation:
Detailed explanation-1: -Dome (1994) states that Smith’s theory of economic growth consists of a rise in the productivity of labour by means of the division of labour, and an increase in productive labour by way of capital accumulation.
Detailed explanation-2: -Adam Smith is generally regarded as the father of political economy and of “classical” economics. The Wealth of Nations provides the earliest comprehensive account of market society as a decentralized, “well-governed” system in which prices coordinate the efficient allocation of resources in a competitive economy.
There is 1 question to complete.