1.) Adam Smith believed that the best way to promote the public interest was to

Question

1.) Adam Smith believed that the best way to promote the public interest was to A. have the govenment produce most goods and services. B. let people pursue their own selfish interests C. wait for individuals to set out to promote the public interest. D. get rid of the price mechanism. 2.) Which statement was coined by Adam Smith? A. B. C. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it. The factory owner, by paying his workers meager wages, is able to use this surplus to buy more capital goods. The foundation of the United States' economic system the means of production in the form of state property and collective farm and cooperative property None of these statements were coined by Adam Smith. is socialist ownership of D. 3.) Hitler's Germany was an example of a A. Capitalist B. Fascist C. Communist D. Socialist economic system. 4) Private ownership of most of the means of production is common to A. capitalism and communism. B. C. D. capitalism and fascism. capitalism and socialism. fascism and communism. following economic functions except The government performs each of the A. B. C. D. 5.) collecting taxes. spending. issuing regulations. operating the price mechanism. ur

Explanation / Answer

Question 1

Adam Smith stated that when people work according to their own self interest then in that case they undertake those activities that cumulatively leads to social welfare or promote public interest even though individual has not set out to do so.

Thus, Adam Smith believed that the best way to promote the public intrest was to let people pursue their own selfish intrests.

Hence, the correct answer is the option (B).

Question 2

Adam Smith has coined the following statement -

"By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it"

Hence, the correct answer is the option (A).

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