Question

Which economic idea did Adam Smith promote in The Wealth of Nations?

A. Economies are strongest when workers have specialized skills.

B. Private companies should give up their property to groups of

workers.

C. The best indicator of a strong economy is a large reserve of gold.

O D. Governments should strictly control a country's economic activity.

Answer 1

A. Economies are strongest when workers have specialized skills.

Step-by-step explanation:

Smith was opposed to state policies that had an effect on business rights, and hence on the economic condition of a nation. Smith was very much in favor of a laissez-faire approach to markets, where governments interfere in market activities and exchange would be least. The key contributions of Adam Smith to the field of economics were to establish the theoretical principle for calculating the wealth of a nation not by its hold on gold or silver but by its production levels and that can be boosted with a skilled workforce. He also stressed that achieving free-market capitalism as the most powerful economic mechanism.