Statement I: Adam Smith believed the key to wealth for a nation was self-sufficiency.
Statement II: Adam Smith believed what made sense in the conduct of a private family's economic endeavors also made sense for those of a nation.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.

Question

Quizplus · Accepted Answer

Adam Smith believed in the division of labor, specialization, and free trade to increase wealth for a nation. He believed that what made sense for individuals to pursue their self-interest would also apply to nations in terms of specialization and trade. Thus, statement I is false and statement II is true.

Statement I: Adam Smith Believed the Key to Wealth for a Nation