The 1776 work 'An Inquiry into the Nature and Causes of the Wealth of Nations' is regarded as the first modern work of Economics. Who authored it?
AJohn Keynes
BJoel Dean
CAlfred Marshall
DAdam Smith
Answer & Solution
Correct answer: D. Adam Smith
1. 'The Wealth of Nations' was published in 1776.
2. Adam Smith is its author and is treated as the source of the first modern Economics text.
3. Joel Dean is linked to Business Economics, not this book.
_Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 1 Unit I "Nature and Scope of Business Economics", p.1_
Keep practising Unit 5: Factor Markets & Resource Allocation
Browse all Unit 5: Factor Markets & Resource Allocation questions for CA Foundation, or explore more Economics topics.
Related questions
An economy in which the means of production are privately owned and the profit motive drivWhen a society settles how the total output of goods and services will be shared among itsThe decision of whether cotton cloth should be made on handlooms or on automatic looms priA government deciding how many schools, hospitals and metres of cloth the nation should tuA resource gives rise to an economic problem only when it satisfies which pair of conditioThe technique of predicting future demand for goods and services on the basis of the past In the scope of Business Economics, internal or operational issues of a firm are addressedA science that states 'what is' and describes cause-and-effect relationships without any v