Who is called the father of Economics?
Correct answer: C. Adam Smith
- A. J.P Kense
- B. David Ricordo
- C. Adam Smith
- D. Mankew
Explanation
Adam Smith is commonly called the father of modern economics because his 1776 work The Wealth of Nations systematically discussed markets, specialization, and economic growth. The other names are misspelled or are not the standard answer.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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