1. The great 18th-century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things." Explain how each of the three conditions Smith describes would promote economic growth. 2. What is the role of saving in economic growth? How can you better contribute to the economy, by saving or by investing? Defend your answer. 3. Discuss the arguments for and against free international trade. Which do you think is better for a country, trade protectionism or trade liberalization? 4. When there is a recession, should the government spend more or cut taxes? Defend your answer. 5. Adam Smith said it is best to leave the economy alone (minimum government intervention). Do you agree with him? Explain your answer. What are the disadvantages of too much government intervention in the economy