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Question
Statements incorrect with reference to Adam Smith's definition:
- Adam Smith is a classical economist.
- Wealth of Nations is authored by Adam Smith.
- Economics is the science of wealth.
- Economics studies common man.
Options
d
a, b and c
a and d
c and d
Solution
d
Explanation:
Adam Smith is indeed a classical economist, and he authored "The Wealth of Nations," his definition of economics goes beyond just the science of wealth, and he studied various aspects of economic activities and human behaviour in the broader context of societal development. Additionally, he didn't exclusively focus on the common man but considered a wide range of economic actors and factors.
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