1. Adam Smith's argument problematically assumes that: a. human beings are not motivated by self-interest. b. business activities have profound effects on their surrounding environments. c. all resources used to produce a commodity are paid for by the manufacturer. d. one seller can control the price of a commodity.
1. Adam Smith's argument problematically assumes that: a. human beings are not motivated by self-interest. b. business activities have profound effects on their surrounding environments. c. all resources used to produce a commodity are paid for by the manufacturer. d. one seller can control the price of a commodity.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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1. Adam Smith's argument problematically assumes that:
a. human beings are not motivated by self-interest.
b. business activities have profound effects on their surrounding environments.
c. all resources used to produce a commodity are paid for by the manufacturer.
d. one seller can control the price of a commodity.
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Economics is the study of how the scarce resources of society are exploited. It is a social science concerning the manufacture, distribution and use of products and services. It has two branches: microeconomics and macroeconomics.
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