Smith

Who is the "Father of Economics and Modern Capitalism"?

• Adam Smith

• Karl Marx

• John Keynes

• Alfred Marshall

Smith believed that the economy operated according to three natural laws involving this concept...

• self-interest

• compassion

• citizenship

• trustworthiness 

Review this quote: "...he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.  What is meant by the invisible hand?

• An actual invisible hand guides economic outcomes, and freedom is created. 

• The invisible hand is a metaphor or a symbol of "market forces" in the free-market system.  These market forces lead to good outcomes without any central planning. 

Who is known as the 'Father of Economics and Modern Capitalism'?

• Adam Smith

• Karl Marx

• John Keynes

• Alfred Marshall

Smith believed that the economy operated according to three natural laws involving this concept...

• self-interest

• compassion

• citizenship

• trustworthiness

What is meant by the invisible hand in economic theory?

• An actual invisible hand guides economic outcomes, and freedom is created.

• The invisible hand is a metaphor or a symbol of 'market forces' in the free-market system. These market forces lead to good outcomes without any central planning.

Which book by Adam Smith laid the foundations of classical economics?

• The Wealth of Nations

• Das Kapital

• The General Theory of Employment, Interest, and Money

• Principles of Economics

In which year was 'The Wealth of Nations' published?

• 1776

• 1789

• 1801

• 1750

Adam Smith was a key figure in which intellectual movement?

• The Enlightenment

• The Renaissance

• The Industrial Revolution

• The Reformation

What concept did Adam Smith introduce to explain the benefits of specialization and division of labor?

• The Pin Factory

• The Invisible Hand

• The Labor Theory of Value

• The Iron Law of Wages