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JAMB Economics 1987 Question 10

Question 10

Theory of Production

In the history of Economic Thought the concept of Division of Labour is usually associated with

  1. A.David Ricardo
  2. B.J.M. Keynes
  3. C.Adam Smith
  4. D.Karl Marx
Show the answer and explanation

Answer: C (Adam Smith)

Explanation

Adam Smith explained division of labour with his pin-factory example in The Wealth of Nations (1776).