In The Wealth of Nations, Adam Smith mentions that very good grapes could be grown in Scotland. However, growing high quality grapes in Scotland would be about 30 times as expensive as purchasing grapes from foreign countries. Some nations are better than others at producing things due to the availability of natural resources and other factors.


With which statement regarding single resource and diversified economies would Adam Smith most likely agree?

With which statement ...

What?

To determine which statement regarding single resource and diversified economies Adam Smith would most likely agree with, we need to refer to his ideas in "The Wealth of Nations."

Adam Smith argued against the concept of a single resource economy, emphasizing the importance of diversification and specialization for a nation's economic growth. He believed that for a country to be prosperous, it should not rely solely on one resource or industry but should instead engage in various industries and trade with other nations.

Therefore, the statement that Adam Smith would most likely agree with regarding single resource and diversified economies is: "Diversified economies are more likely to be economically successful than single resource economies."