Adam Smith believed society is best suited to A Government planning B Wage and

1. Adam Smith believed society is best suited to: A. Government planning. B. Wage and price controls. C. Command economics. D. Self-interest.

2. In the simple circular-flow model of the economy, which one of the following best characterizes the activities of the firms?

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3. Division of labor involves which one of the following characteristics?

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4. If the government sets prices for wheat or corn that guarantee farmers a specific price for that product, the most probable result would be what?

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