• Which of the following is false?
• A.Adam Smith was the first to theorise about the efficiency gains from the division of labour
• B.Keynes argued that mercantilism was a contribution to statecraft and was critical of Ricardo for 'obliterating' this insight.
• C.Jean-Baptiste Colbert was a mercantilist who agreed with Adam Smith that unrestricted international trade was good for all countries.
• D.The Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England.
• E.Adam Smith devised his theory in the early days of the factory system and before the industrial revolution with its associated mechanization and steam power.