Question

Adam Smith’s ideas that are present in the day-to-day workings of the US economy include all of the following EXCEPT:

Answer 1

Answer:   C. Trade regulation

Explanation:  Adam Smith is considered the father of a modern liberal economy. The modern economy pulls its roots from the "Wealth of Nation," the capital work of this economic genius. According to Smith, economic relations should be free from any government oversight, and give full freedom to entrepreneurs. In such conditions of free market, the market itself is governed by the law of capital, i.e. invisible hand.  In doing so, the division of labor should be done as the key to the success of the market economy, the epochs of a narrow specialization of jobs, and thus productivity increases and the economic systems themselves are far more efficient.

Answer 2

Answer:

C. Trade regulation

Explanation:

Adam Smith who is also known as the Father of Modern Economics, published a Book titled "Wealth of nation" in which he famously talks about the free trade and No government Regulation on Entrepreneurs, Although Trade regulation is the regulation which is set by the federal and state government on Trade.