Question

Adam Smith shifted the national standard of wealth to the 'commodity'.
A.True
B.False

Answer 1

Adam Smith did not shift the national standard of wealth to the 'commodity.' He argued for a free market economy that would benefit everyone.

Step-by-step explanation:

False: Adam Smith did not shift the national standard of wealth to the 'commodity'.

Adam Smith, a Scottish political economist and philosopher, is known as the 'Father of Capitalism.' In his book 'The Wealth of Nations,' Smith argued for a free market economy, where individuals are free to produce and trade as they please. He believed that this would benefit everyone, not just the wealthy, by producing more goods at lower prices.

Smith's ideas laid the foundation for liberal economics and the concept of laissez-faire, where governments do not interfere in the market.