The term ‘Microfinancing’ was first used in the 1970s during the development of Grameen Bank of Bangladesh, which was founded by ________.

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Step-by-step explanation:

1. The Grameen Bank of Bangladesh was developed in the 1970s and is universally associated with Muhammad Yunus (option (1)).
2. Muhammad Yunus pioneered the idea of providing very small loans to the poor — "microcredit" or "microfinancing" — and later won the Nobel Peace Prize in 2006 for this work.
3. The other options — Adam Smith, Jeremy Bentham, Alfred Marshall — are classical or classical-era economists from earlier centuries and were not involved in founding Grameen Bank.

Therefore the correct choice is option (1), which corresponds to label "a".

FINAL_ANSWER: a

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