"In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so."

Given this statement, Adam Smith would be most likely to oppose

a) encouraging trade competition
b) getting rid of trade tariffs
c) removing farm subsidies
d) using taxes to help failing banks

Question

"In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so."

Given this statement, Adam Smith would be most likely to oppose

a) encouraging trade competition
b) getting rid of trade tariffs
c) removing farm subsidies
d) using taxes to help failing banks

anonymous · Answer

Didn't think I'd have to rely on this, but I have a low A in the class and would like to keep it that way!! Thanks, will fan and medal.

anonymous · Answer

@dmndlife24

dmndlife24 · Answer

Definitely d) using taxes to help failing banks.  You See, Adam Smith believed in a Laissez-faire economy, meaning in less government regulation so D. makes the most sense :)

anonymous · Answer

Thank you so much!! My head's fuzzy between all those economists' beliefs; would you like it if I made my next question separate?

anonymous · Answer

I'll separate it so I can award you more medals.

dmndlife24 · Answer

Sure