According to Adam Smith,economic progress results from
A) government ownership of productive resources.
B) a perfectly equal distribution of income in a society.
C) allowing firms to achieve great economic power by monopolizing markets.
D) the division of labor and increased specialization.
E) rapid rates of population growth.

Question

Quizplus · Accepted Answer

According to Adam Smith, economic progress results from the division of labor and increased specialization. By dividing labor into many specialized tasks, individuals could become more skilled at their jobs, and overall production would increase. This, in turn, would lead to economic growth and prosperity.

According to Adam Smith,economic Progress Results from