Econ 100 UNR Final Exam – Accurate Answers To All
Questions
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Terms in this set (180)
What is economics? A study of how people make choices to achieve goals
with resource constraints.
A study of how businesses and
individuals make the most money.
A study of how people make choices to
achieve goals with resource constraints.
A study of the institutional mechanisms
of commerce, like trade and the stock
market.
A study of comprehensive, international
economic development.
,What is meant by "the invisible hand?" The "invisible hand" means that the division of labor and
exchange occur naturally among people without being
The "invisible hand" of government is directed by anyone.
essential for economic planning.
The "invisible hand" is the force of
corruption which limits economic
development.
The "invisible hand" means that the
division of labor and exchange are
directed by an unseen authority which
keeps everything well organized.
The "invisible hand" means that the
division of labor and exchange occur
naturally among people without being
directed by anyone.
What is the root of exchange behavior? Human natural tendency toward division of labor to gain
efficiency.
Human natural tendency toward self-
sufficiency.
Human natural tendency toward
equivalent talents and skills.
Human natural tendency toward division
of labor to gain efficiency.
Human natural tendency toward
desiring international experiences.
,Division of labor and exchange are Yes.
human tendencies to enhance one's self-
interest. Can contributing to charities to
assure everyone in one's community has
access to food, housing and health care
be consistent with the principles of self-
interest?
Yes.
No.
What is scientific about Social Science? Social scientists use the scientific method to test
hypotheses about human behavior.
Human beings are animals, so the
science of human decisions is part of
biology.
Social scientists have professional
journals.
Adam Smith was a physicist.
Social scientists use the scientific
method to test hypotheses about human
behavior.
, What is the contribution of The Wealth Adam Smith described how people made production
of Nations published by Adam Smith in and consumption decisions in the 18th Century.
1776?
Adam Smith described how people
made production and consumption
decisions in the 18th Century.
Adam Smith created capitalism.
Adam Smith was an English warrior who
led the English people to freedom from
a king.
Adam Smith was a landowner and trade
protectionist who drafted the "corn
laws."
What is a market as discussed in an The coming together of suppliers and demanders of
economics class? goods and services.
A grocery store.
The stock market.
The coming together of suppliers and
demanders of goods and services.
A place where exchange occurs.
What do consumers want to achieve? Any and all of the above.
Maximize personal satisfaction.
Take care of their children and families.
Assure that poor people are fed,
housed, and clothed.
Any and all of the above.
Questions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (180)
What is economics? A study of how people make choices to achieve goals
with resource constraints.
A study of how businesses and
individuals make the most money.
A study of how people make choices to
achieve goals with resource constraints.
A study of the institutional mechanisms
of commerce, like trade and the stock
market.
A study of comprehensive, international
economic development.
,What is meant by "the invisible hand?" The "invisible hand" means that the division of labor and
exchange occur naturally among people without being
The "invisible hand" of government is directed by anyone.
essential for economic planning.
The "invisible hand" is the force of
corruption which limits economic
development.
The "invisible hand" means that the
division of labor and exchange are
directed by an unseen authority which
keeps everything well organized.
The "invisible hand" means that the
division of labor and exchange occur
naturally among people without being
directed by anyone.
What is the root of exchange behavior? Human natural tendency toward division of labor to gain
efficiency.
Human natural tendency toward self-
sufficiency.
Human natural tendency toward
equivalent talents and skills.
Human natural tendency toward division
of labor to gain efficiency.
Human natural tendency toward
desiring international experiences.
,Division of labor and exchange are Yes.
human tendencies to enhance one's self-
interest. Can contributing to charities to
assure everyone in one's community has
access to food, housing and health care
be consistent with the principles of self-
interest?
Yes.
No.
What is scientific about Social Science? Social scientists use the scientific method to test
hypotheses about human behavior.
Human beings are animals, so the
science of human decisions is part of
biology.
Social scientists have professional
journals.
Adam Smith was a physicist.
Social scientists use the scientific
method to test hypotheses about human
behavior.
, What is the contribution of The Wealth Adam Smith described how people made production
of Nations published by Adam Smith in and consumption decisions in the 18th Century.
1776?
Adam Smith described how people
made production and consumption
decisions in the 18th Century.
Adam Smith created capitalism.
Adam Smith was an English warrior who
led the English people to freedom from
a king.
Adam Smith was a landowner and trade
protectionist who drafted the "corn
laws."
What is a market as discussed in an The coming together of suppliers and demanders of
economics class? goods and services.
A grocery store.
The stock market.
The coming together of suppliers and
demanders of goods and services.
A place where exchange occurs.
What do consumers want to achieve? Any and all of the above.
Maximize personal satisfaction.
Take care of their children and families.
Assure that poor people are fed,
housed, and clothed.
Any and all of the above.
