Who wrote "An inquiry into the nature and causes of wealth of nations"
Options
AAdam smith
BMarshall
CPigou
DHicks
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Introduction to Business EconomicsPYQ Dec 23Question 734 of 209
All Questions Correct Answer
✅ Option a — Adam smith
All Options:
- AAdam smith
- BMarshall
- CPigou
- DHicks
Detailed Solution & Explanation
To determine the correct answer, let's break down the key information:
• The book in question is "An inquiry into the nature and causes of wealth of nations", which is a foundational work in economics.
• This book is considered one of the first comprehensive treatments of economic thought and is still widely studied today.
• The correct author of this book is a key figure in the development of modern economics, particularly in the area of classical economics.
• Adam Smith is known for his work in this area and is often referred to as the "father of modern economics".
• In contrast, other notable economists such as Marshall, Pigou, and Hicks made significant contributions to economics, but they did not write this specific book.
• Marshall is known for his work on microeconomics, Pigou for his work on welfare economics, and Hicks for his work on general equilibrium theory, but they are not associated with this particular book.
• Therefore, the correct answer is the one that corresponds to Adam Smith, as he is the author of "An inquiry into the nature and causes of wealth of nations".
About This Chapter: Introduction to Business Economics
Paper
Paper 4: Business Economics
Weightage
5%
Key Topics
Meaning, Scope, Price Mechanism
This chapter lays the groundwork for understanding Business Economics as a discipline. It covers the meaning, scope, and nature of economics — including key distinctions like Microeconomics vs Macroeconomics, Positive vs Normative economics, and the fundamental economic problem of scarcity. Students learn how businesses use economic principles for decision-making in a competitive marketplace.
View Official ICAI SyllabusExam Strategy Tip
Focus on definitions and distinctions between concepts. Questions often test whether you understand the difference between Micro and Macro, or Positive and Normative statements.
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