Question

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MULTIPLE CHOICE. Choose the one alternative that best completes the completes the statement or answers the question. 1) According to Adam Smith, the wealth of a nation lay in: A) the treasury of the King. B) the number of colonies that the nation controlled. C) gold and silver. D) the achievement of an abundance of the necessities of life. 2) "In a tribe of hunters or shepherds a particular person makes bows and arrows with more readiness and dexterity than any other. He frequently exchanges them for cattle or for venison with his companions, and he finds at last that he can in this manner get more cattle and venison than if he himself went to the field to catch them." This quote expresses: A) the advantages of the division of labor proposed by Adam Smith. B) the value of John Maynard Keynes' system of central planning. C) Karl Marx' notion of the evil of property acquisition. D) Nothing above applies. 3) In Adam Smith's view, a nation's wealth was generated by the "invisible hand" of: A) God. B) benevolent merchants. C) self-interested barter. D) the nation's chief financial minister. 4) Adam Smith argued that: A) social welfare is achieved primarily when governments regulate trade for the public good. B) a disposition to barter gives rise to the division of labor. C) government ministers are most responsible with public money because they see themselves as stewards of public resources and no interest in the movements of markets D) A and C, but not B above are true 5) In Adam Smith's view, exchanges: A) are based on the benevolence of others. B) are based on things someone else needs or wants. C) is another way of saying, "barter" or "trade." D) B and C, but not A above are true. 6) In Adam Smith's view, the wealth of a nation is due to: A) the ability of a nation to accumulate as much specie as possible. B) the aggregate of rational individuals seeking to maximize their wealth. C) increased efficiencies of production. D) the first mover advantages that accrue to penetrating international markets. 7) Adam Smith argued for which of the following trade theories? A) absolute advantage B) comparative advantage C) mercantilism D) zero-sum Page 1 of

Answer 1

1) (C) gold and silver
According to Adam Smith, the more gold and silver countries acquired, the more wealth they possessed.