All of the statements about Adam Smith are true. He was a Scottish professor of philosophy and wrote The Wealth of Nations, in which he outlined his ideas about free market capitalism and the role of the entrepreneur. Smith believed that the profit motive guided economic resources, effectively promoting the public interest, and he coined the term "the invisible hand" to describe this phenomenon.

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Adam Smith

Question 115

Multiple Choice

Adam Smith

A) was a Scottish professor of philosophy.
B) wrote The Wealth of Nations.
C) said that the entrepreneur is motivated by self-interest.
D) coined the term "the invisible hand," which means that the profit motive guides economic resources which effectively promotes the public interest.
E) All of the statements about Adam Smith are true.

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