Which of the following is a belief about economics supported
by Adam Smith? (1 point)
The government should act to protect domestic industries
from competition.
Individuals should gather wealth for the well-being of all
people.
The government should have little involvement in the
economy.
The protection of private property leads to inequality.
The government should have little involvement in the economy.
The correct belief about economics supported by Adam Smith is: "The government should have little involvement in the economy."
To reach this answer, it is important to understand Adam Smith's ideas and contributions to economics. Adam Smith was a Scottish economist and philosopher who is often referred to as the father of modern economics. His famous book, "The Wealth of Nations," published in 1776, laid the foundation for classical economics and introduced the concept of free-market capitalism.
One of the key principles advocated by Adam Smith is the belief in free markets and limited government intervention. He argued that individuals pursuing their own self-interests in a competitive market would lead to the best outcomes for society as a whole. Smith believed that the government's role in the economy should be minimal, primarily focusing on providing public goods, enforcing property rights, and maintaining a legal framework for fair competition.
With this understanding, we can conclude that the belief about economics supported by Adam Smith is that "the government should have little involvement in the economy."
The belief about economics supported by Adam Smith is:
The government should have little involvement in the economy.