Question

C
2) Statements incorrect with reference to Adam
Smith's definition :
a) Adam Smith is a classical economist.
b) Wealth of Nations is authored by Adam Smith.
c) Economics is the science of wealth.
d) Economics studies common man.
Options : 1) d
2) a, b and c
3) a and d
4) c and d​

Answer 1

Answer:

Option 1 , Economics studies common man.

Explanation:

• Adam Smith a classical economist defined wealth as the science of wealth.
• He defined it in his famous book Wealth of Nations.
• According to Smith: "The great object of the political economy of every country is to increase the riches and power of that country.
• According to Alfred Marshall, economics studies common man.