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Adam Smith's Economic Theory Quiz

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Questions and Answers

What is the primary driver of economic development according to Adam Smith's theory?

Division of labor and self-interest (correct)

Government intervention in markets

Natural resources availability

Technological advancements

Which concept does Adam Smith associate with market efficiency in resource allocation?

The invisible hand (correct)

The profit motive

Social welfare

Regulatory oversight

What example illustrates Adam Smith’s theory of economic development?

The rise of cooperative societies

Barter systems in ancient civilizations

Silicon Valley's competitive market (correct)

State-controlled economies

According to Adam Smith, which of the following contributes to increased productivity?

Partition of labor and specialization Signup and view all the answers

What is a core tenet of Adam Smith’s ideas about economic growth?

Self-interest can lead to social benefits Signup and view all the answers

What encourages continuous innovation and improvement in businesses?

Personal gain Signup and view all the answers

In what industries are resources best allocated for high growth?

Biotech and artificial intelligence Signup and view all the answers

How does David Ricardo's theory illustrate the benefits of trade?

By showing the advantages of specialization in production Signup and view all the answers

What is Vietnam's primary advantage in the trade relationship with the US?

Cheap workforce Signup and view all the answers

What is a result of efficient production through international trade?

Increased choices and lower prices Signup and view all the answers