Which of the following best explains why Adam Smith is considered the father of modern economics?(1 point) Responses Adam Smith discussed how government should only control economic activity in spirit in his book The Spirit of the Laws. Adam Smith discussed how government should only control economic activity in spirit in his book The Spirit of the Laws . Adam Smith discussed political authority and economics in his book Two Treatises of Government. Adam Smith discussed political authority and economics in his book Two Treatises of Government . Adam Smith discussed laissez-faire economics and division of labor in his book The Wealth of Nations. Adam Smith discussed laissez-faire economics and division of labor in his book The Wealth of Nations . Adam Smith discussed economic ideas in his book Philosophical Dictionary.

Answer 1

The statement that best explains why Adam Smith is considered the father of modern economics is: "Adam Smith discussed laissez-faire economics and division of labor in his book The Wealth of Nations."

In this seminal work, published in 1776, Smith laid the foundations for classical economics, emphasizing the importance of free markets, competition, and the benefits of specialization in production, which are key concepts in modern economic theory.