Which of the following is a belief about economics supported by Adam Smith?(1 point)

Question

Responses

Individuals should gather wealth for the well-being of all people.
Individuals should gather wealth for the well-being of all people.

The protection of private property leads to inequality.
The protection of private property leads to inequality.

The government should have little involvement in the economy.
The government should have little involvement in the economy.

The government should act to protect domestic industries from competition.

Answer 1

The belief about economics supported by Adam Smith is:

The government should have little involvement in the economy.

Adam Smith is known for advocating for free markets and minimal government intervention, emphasizing that individuals pursuing their own self-interest can lead to positive outcomes for society as a whole, often referred to as the "invisible hand" concept.