Question

identify the three statements that correctly describe the life and work of adam smith.
a \wealth of nations\ was inspired by the american revolution
b wrote of the need for government intervention in the economy.
c was economically opposed to mercantilist practices.
d believed self - interest guided economic decisions.
e theorized that the \invisible hand\ theory led to the downfall of nations.
f believed portions of the economy work together for the betterment of all

Explanation:

• Analyze each option:
• Option A: "Wealth of Nations" by Adam Smith was published before the American Revolution (1776 vs. American Revolution 1775 - 1783), so it was not inspired by the American Revolution. Eliminate A.
• Option B: Adam Smith advocated for free - market and against government intervention in the economy. So he did not write of the need for government intervention. Eliminate B.
• Option C: Adam Smith was against mercantilist practices as he supported free trade and free - market principles. This statement is correct.
• Option D: Adam Smith believed that self - interest (along with the invisible hand) guided economic decisions. This statement is correct.
• Option E: Adam Smith's "invisible hand" theory was about how self - interest in a free market leads to the betterment of society, not the downfall of nations. Eliminate E.
• Option F: Adam Smith believed that different parts of the economy (producers, consumers, etc.) working with self - interest (guided by the invisible hand) would work together for the betterment of all. This statement is correct.
• So the correct statements are C, D, F.

Answer:

C. Was economically opposed to mercantilist practices.
D. Believed self - interest guided economic decisions.
F. Believed portions of the economy work together for the betterment of all.