Adam Smith (1776) claimed that less governmental regulation, not more, would provide incentives for individuals to allocate resources efficiently, specialize and trade
Specialization and trade would generate wealth and result in economic growth and development. Indicate whether the statement is true or false
True
Economics
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Schumpeter asserts all of the following except
(a) A strong middle class fosters growth in society's entrepreneurial base. (b) Entrepreneurs are the leading force behind technological advancement. (c) Invention and innovation are unnecessary in a growing economy. (d) Secured property rights encourage risk-taking entrepreneurial behaviors.
Economics
If there is a surplus
A) fewer producers want to sell the product because it is too scarce. B) consumers will drive up the price further. C) firms will drive up the price to enhance profits. D) the price will decline to the equilibrium level.
Economics