Econ 1500 Midterm with correct answers
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Adam |Smith |- |✔✔💯All |of |the |above
- |Thought |that |a |market |based |economic |system |was |superior |to |Mercantilism |for |maximizing |the |
wealth |of |a |nation. |
- |Thought |a |market |system |would |result |in |goods |being |produced |efficiently.
- |Thought |a |market |system |would |tend |to |result |in |the |correct |combination |of |goods |being |produced.
Adam |Smith's |book, |The |Wealth |of |Nations: |- |✔✔💯None |of |the |above
(Adam |Smith |was |against |Mercantilism |and |political |forces |controlling |the |economy)
According |to |the |Invisible |Hand |Theorem, |the |market |system |will
A. |distribute |income |equally
B. |eliminate |scarcity
C. |produce |goods |efficiently
D. |None |of |the |above |- |✔✔💯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 |- |✔✔💯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 |- |✔✔💯D. |All |of |the |above
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
|becuase |you |percieve |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 |- |✔✔💯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 |whome |to |produce? |
B. |How |to |produce?
C. |What |is |the |correct |income |distribution?
D. |None |of |the |above |- |✔✔💯B. |How |to |produce?
Applying |the |economic |decision |rule, |you |would |attend |USU |this |semester |rather |than |work |full |time |
for |FedX |if |you |perceive |that |the:
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 |- |✔✔💯D. |
Marginal |benefit |to |you |of |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 |- |✔✔💯D. |All |of |the |above |are |correct
Which |word |or |phrase |best |explains |what |determmines |the |average |price |and |quantity |sold |per |week
|in |the |U.S |of |the |iPhone |14 |Pro?
A. |The |price |mechanism
B. |fovernment |control
C. |tradition
D. |All |of |the |above |- |✔✔💯A. |The |price |mechanism
Which |statement |best |summarizes |the |Invisible |Hand |theory?
A. |Social |forces |channel |individual |self-interest |to |achieve |the |common |or |social |good
B. |It |requires |political |forces |to |channel |individual |self-interst |to |achieve |the |common |good
C. |Markets |typically |channel |individual |self-interst |to |achieve |the |common |of |social |good
D. |Socialism |results |in |a |more |equitable |distribuition |of |income |- |✔✔💯C. |Markets |typically |channel |
individual |self-interst |to |achieve |the |common |of |social |good
Economics |as |a |discipline
A. |is |a |very |narrow |discipline |concerned |primarily |with |three |issues |- |interest |rates, |inflation |and |the |
stock |market.
, B. |typically |assumes |that |individuals |are |capable |of |comparing |costs |and |benefits |associated |with |
choices.
C. |typically |assumes |that |individuals |primarily |make |decisions |based |on |a |social |as |opposed |to |an |
individual |perspective.
D. |All |of |the |above |correct. |- |✔✔💯B. |typically |assumes |that |individuals |are |capable |of |comparing |
costs |and |benefits |associated |with |choices.
In |the |United |States, |which |is |primarily |used |to |determine |how |cars |are |produced?
A. |Government |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |✔✔💯D. |Markets
In |the |United |States, |which |is |used |to |determine |the |wages |of |welders?
A. |Social |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |✔✔💯D. |Markets
In |addition |to |The |Wealth |of |Nations, |Adam |Smith |is |also |the |author |of:
A. |On |Human |Understanding
B. |Two |Treatises |of |Government
C. |A |Theory |of |Moral |Sentiments
D. |All |of |the |above |were |written |by |the |great |Adam |Smith |- |✔✔💯C. |A |Theory |of |Moral |Sentiments
Which |of |the |following |are |associated |with |Adam |Smith |and |his |book, |Wealth |of |Nations:
| | | | |
Adam |Smith |- |✔✔💯All |of |the |above
- |Thought |that |a |market |based |economic |system |was |superior |to |Mercantilism |for |maximizing |the |
wealth |of |a |nation. |
- |Thought |a |market |system |would |result |in |goods |being |produced |efficiently.
- |Thought |a |market |system |would |tend |to |result |in |the |correct |combination |of |goods |being |produced.
Adam |Smith's |book, |The |Wealth |of |Nations: |- |✔✔💯None |of |the |above
(Adam |Smith |was |against |Mercantilism |and |political |forces |controlling |the |economy)
According |to |the |Invisible |Hand |Theorem, |the |market |system |will
A. |distribute |income |equally
B. |eliminate |scarcity
C. |produce |goods |efficiently
D. |None |of |the |above |- |✔✔💯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 |- |✔✔💯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 |- |✔✔💯D. |All |of |the |above
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
|becuase |you |percieve |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 |- |✔✔💯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 |whome |to |produce? |
B. |How |to |produce?
C. |What |is |the |correct |income |distribution?
D. |None |of |the |above |- |✔✔💯B. |How |to |produce?
Applying |the |economic |decision |rule, |you |would |attend |USU |this |semester |rather |than |work |full |time |
for |FedX |if |you |perceive |that |the:
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 |- |✔✔💯D. |
Marginal |benefit |to |you |of |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 |- |✔✔💯D. |All |of |the |above |are |correct
Which |word |or |phrase |best |explains |what |determmines |the |average |price |and |quantity |sold |per |week
|in |the |U.S |of |the |iPhone |14 |Pro?
A. |The |price |mechanism
B. |fovernment |control
C. |tradition
D. |All |of |the |above |- |✔✔💯A. |The |price |mechanism
Which |statement |best |summarizes |the |Invisible |Hand |theory?
A. |Social |forces |channel |individual |self-interest |to |achieve |the |common |or |social |good
B. |It |requires |political |forces |to |channel |individual |self-interst |to |achieve |the |common |good
C. |Markets |typically |channel |individual |self-interst |to |achieve |the |common |of |social |good
D. |Socialism |results |in |a |more |equitable |distribuition |of |income |- |✔✔💯C. |Markets |typically |channel |
individual |self-interst |to |achieve |the |common |of |social |good
Economics |as |a |discipline
A. |is |a |very |narrow |discipline |concerned |primarily |with |three |issues |- |interest |rates, |inflation |and |the |
stock |market.
, B. |typically |assumes |that |individuals |are |capable |of |comparing |costs |and |benefits |associated |with |
choices.
C. |typically |assumes |that |individuals |primarily |make |decisions |based |on |a |social |as |opposed |to |an |
individual |perspective.
D. |All |of |the |above |correct. |- |✔✔💯B. |typically |assumes |that |individuals |are |capable |of |comparing |
costs |and |benefits |associated |with |choices.
In |the |United |States, |which |is |primarily |used |to |determine |how |cars |are |produced?
A. |Government |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |✔✔💯D. |Markets
In |the |United |States, |which |is |used |to |determine |the |wages |of |welders?
A. |Social |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |✔✔💯D. |Markets
In |addition |to |The |Wealth |of |Nations, |Adam |Smith |is |also |the |author |of:
A. |On |Human |Understanding
B. |Two |Treatises |of |Government
C. |A |Theory |of |Moral |Sentiments
D. |All |of |the |above |were |written |by |the |great |Adam |Smith |- |✔✔💯C. |A |Theory |of |Moral |Sentiments
Which |of |the |following |are |associated |with |Adam |Smith |and |his |book, |Wealth |of |Nations:
