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MMLU-Pro / 7081 / Adam Smith relied on the workings of the profit motive in his theory of the…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Adam Smith relied on the workings of the profit motive in his theory of the 'invisible hand'. Yet, at the same time, he attacked businessmen for their attempts at 'conspiracy against the public'. How did Smith reconcile hiseconomic system with the greed of some businessmen? Would hecall for government intervention in order to break up these conspiracies ?

category

economics

options

  1. Smith thought that the fear of public backlash and loss of reputation would keep businesses from engaging in conspiracies.
  2. Smith believed in the unchecked profit motive.
  3. Smith called for government intervention in business.
  4. Smith believed that competition could regulate and control the profit motive, preventing price-fixing conspiracies. He would not call for government intervention.
  5. Smith felt that moral sentiments would naturally discourage businessmen from conspiracies without requiring government intervention.
  6. Smith advocated for strict regulations on business practices to prevent any form of conspiracy against the public.
  7. Smith supported legal monopolies.
  8. Smith trusted in a self-regulating economy where market forces would dissolve monopolies without any external interference.
  9. Smith argued that consumers' choices would be enough to disrupt any attempts at a conspiracy against the public.
  10. Smith suggested that the natural cycle of economic booms and busts would prevent long-term conspiracies and monopolistic practices.

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
7081
task_id
627e0a20-5dcd-5a25-a44f-7a3d8b16f6a9
task_key
default--test--7081
task_revision_id
1
config / split
default / test

Official source

initial import