ECN 1500 Exam 1 Questions and Answers
(Top Grade Assured) 2026 Update
Adam Smith:
A. Thought that a market based economic system was
superior to Mercantilism for maximizing the wealth of a
nation.
B. Thought a market system would result in goods being
produced efficiently.
C. Thought a market system would tend to result in the
correct combination of goods being produced.
D. All of the above are correct. - Correct Answers ✅All of
the above are correct.
Adam Smith's book, The Wealth of Nations:
A. Argued that Mercantilism would result in the correct
answer to the question of what to produce.
B. Argued in favor of primarily using political forces to answer
the question of what to produce.
C. Supported a policy of government intervention into the
economy.
D. None of the above are correct. - Correct Answers ✅None
of the above are correct
According to the Invisible Hand Theorem, the market system
will
,ECN 1500 Exam 1 Questions and Answers
(Top Grade Assured) 2026 Update
A. distribute income equally.
B. eliminate scarcity.
C. produce goods efficiently.
D. None of the above are correct. - Correct Answers ✅C.
produce goods efficiently
According to the Invisible Hand Theorem, the market system
will
A. allocate resources inefficiently.
B. guarantee equality of opportunity.
C. produce goods that people want and demand.
D. eliminate Scarcity. - Correct Answers ✅C. produce goods
that people want and demand
Which of the following is(are) scarce?
A. Clean water.
B. Electricity.
C. Workers.
D. All of the above are correct. - Correct Answers ✅D. All of
the above are correct
,ECN 1500 Exam 1 Questions and Answers
(Top Grade Assured) 2026 Update
If you make decisions as assumed by economists, you are
working full time as a "sales bro" or "sales gal"for Fox Pest
Control in Texas this semester rather than the alternative of
attending USU in Logan becauseyou perceive the
_____________ of being a "sales bro/gal" as less than the
________________ of being a"sales bro/gal this semester.
A. Marginal Benefit; Marginal Cost.
B. Marginal Cost; Marginal Benefit.
C. Total Cost; Total Benefit.
D. Total Benefit; Total Cost. - Correct Answers ✅B. Marginal
Cost; Marginal Benefit.
For which of the following questions can the discipline of
economics provide an explanation as to the correct answer?
A. For Whom to Produce?
B. How to Produce?
C. What is the correct income distribution?
D. None of the above. - Correct Answers ✅B. How to
Produce?
Applying the economic decision rule, you would attend USU
this semester rather than work full time forFedX if you
perceive that the:
, ECN 1500 Exam 1 Questions and Answers
(Top Grade Assured) 2026 Update
A. Marginal benefit to society of you attending USU >
marginal cost to you of attending USU.
B. Total benefit to you of attending USU > marginal cost to
you of attending USU.
C. Marginal benefit to society of you attending USU <
marginal cost to you of attending USU.
D. Marginal benefit to you of attending USU > marginal cost
to you of attending USU. - Correct Answers ✅D. Marginal
benefit of you attending USU > marginal cost to you of
attending USU.
Scarcity results in:
A. opportunity costs.
B. the no free lunch principle.
C. the necessity of choice.
D. All of the above are correct. - Correct Answers ✅D. All of
the above are correct
Which word or phrase best explains what determines the
average price and quantity sold per week in theU.S. of the
iPhone 14 Pro?
A. The price mechanism.
(Top Grade Assured) 2026 Update
Adam Smith:
A. Thought that a market based economic system was
superior to Mercantilism for maximizing the wealth of a
nation.
B. Thought a market system would result in goods being
produced efficiently.
C. Thought a market system would tend to result in the
correct combination of goods being produced.
D. All of the above are correct. - Correct Answers ✅All of
the above are correct.
Adam Smith's book, The Wealth of Nations:
A. Argued that Mercantilism would result in the correct
answer to the question of what to produce.
B. Argued in favor of primarily using political forces to answer
the question of what to produce.
C. Supported a policy of government intervention into the
economy.
D. None of the above are correct. - Correct Answers ✅None
of the above are correct
According to the Invisible Hand Theorem, the market system
will
,ECN 1500 Exam 1 Questions and Answers
(Top Grade Assured) 2026 Update
A. distribute income equally.
B. eliminate scarcity.
C. produce goods efficiently.
D. None of the above are correct. - Correct Answers ✅C.
produce goods efficiently
According to the Invisible Hand Theorem, the market system
will
A. allocate resources inefficiently.
B. guarantee equality of opportunity.
C. produce goods that people want and demand.
D. eliminate Scarcity. - Correct Answers ✅C. produce goods
that people want and demand
Which of the following is(are) scarce?
A. Clean water.
B. Electricity.
C. Workers.
D. All of the above are correct. - Correct Answers ✅D. All of
the above are correct
,ECN 1500 Exam 1 Questions and Answers
(Top Grade Assured) 2026 Update
If you make decisions as assumed by economists, you are
working full time as a "sales bro" or "sales gal"for Fox Pest
Control in Texas this semester rather than the alternative of
attending USU in Logan becauseyou perceive the
_____________ of being a "sales bro/gal" as less than the
________________ of being a"sales bro/gal this semester.
A. Marginal Benefit; Marginal Cost.
B. Marginal Cost; Marginal Benefit.
C. Total Cost; Total Benefit.
D. Total Benefit; Total Cost. - Correct Answers ✅B. Marginal
Cost; Marginal Benefit.
For which of the following questions can the discipline of
economics provide an explanation as to the correct answer?
A. For Whom to Produce?
B. How to Produce?
C. What is the correct income distribution?
D. None of the above. - Correct Answers ✅B. How to
Produce?
Applying the economic decision rule, you would attend USU
this semester rather than work full time forFedX if you
perceive that the:
, ECN 1500 Exam 1 Questions and Answers
(Top Grade Assured) 2026 Update
A. Marginal benefit to society of you attending USU >
marginal cost to you of attending USU.
B. Total benefit to you of attending USU > marginal cost to
you of attending USU.
C. Marginal benefit to society of you attending USU <
marginal cost to you of attending USU.
D. Marginal benefit to you of attending USU > marginal cost
to you of attending USU. - Correct Answers ✅D. Marginal
benefit of you attending USU > marginal cost to you of
attending USU.
Scarcity results in:
A. opportunity costs.
B. the no free lunch principle.
C. the necessity of choice.
D. All of the above are correct. - Correct Answers ✅D. All of
the above are correct
Which word or phrase best explains what determines the
average price and quantity sold per week in theU.S. of the
iPhone 14 Pro?
A. The price mechanism.
