Econ 1500 exam 1 Tyler Bowles with correct
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detailed answers |
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. |- |VERIFIED |ANSWER✔✔-D
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. |- |VERIFIED |ANSWER✔✔-D
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 |are |correct. |- |VERIFIED |ANSWER✔✔-C
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. |- |VERIFIED |ANSWER✔✔-C
,Which |of |the |following |is(are) |scarce?
A. |Clean |water.
B. |Electricity.
C. |Workers.
D. |All |of |the |above |are |correct. |- |VERIFIED |ANSWER✔✔-D
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 |
because |you |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. |- |VERIFIED |ANSWER✔✔-B
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. |- |VERIFIED |ANSWER✔✔-B
Applying |the |economic |decision |rule, |you |would |attend |USU |this |semester |rather |than |work |full |time |
forFedX |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. |- |VERIFIED |
ANSWER✔✔-D
Scarcity |results |in:
A. |opportunity |costs.
B. |the |no |free |lunch |principle.
C. |the |necessity |of |choice.
D. |All |of |the |above |are |correct. |- |VERIFIED |ANSWER✔✔-D
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.
B. |government |control.
C. |tradition.
D. |All |of |the |above |- |VERIFIED |ANSWER✔✔-A
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-interest |to |achieve |the |common |good.
C. |Markets |typically |channel |individual |self-interest |to |achieve |the |common |or |social |good.
D. |Socialism |results |in |a |more |equitable |distribution |of |income. |- |VERIFIED |ANSWER✔✔-C
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. |- |VERIFIED |ANSWER✔✔-B
In |the |United |States, |which |is |primarily |used |to |determine |how |cars |are |produced?
A. |Government |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |VERIFIED |ANSWER✔✔-D
In |the |United |States, |which |is |used |to |determine |the |wages |of |welders?
A. |Social |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |VERIFIED |ANSWER✔✔-D
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 |- |VERIFIED |ANSWER✔✔-C
Which |of |the |following |are |associated |with |Adam |Smith |and |his |book, |Wealth |of |Nations:
A. |Individual |choice.
B. |The |Invisible |Hand.
C. |The |Market |System.
D. |All |of |the |above |are |correct. |- |VERIFIED |ANSWER✔✔-D
| | | | | | | |
detailed answers |
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. |- |VERIFIED |ANSWER✔✔-D
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. |- |VERIFIED |ANSWER✔✔-D
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 |are |correct. |- |VERIFIED |ANSWER✔✔-C
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. |- |VERIFIED |ANSWER✔✔-C
,Which |of |the |following |is(are) |scarce?
A. |Clean |water.
B. |Electricity.
C. |Workers.
D. |All |of |the |above |are |correct. |- |VERIFIED |ANSWER✔✔-D
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 |
because |you |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. |- |VERIFIED |ANSWER✔✔-B
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. |- |VERIFIED |ANSWER✔✔-B
Applying |the |economic |decision |rule, |you |would |attend |USU |this |semester |rather |than |work |full |time |
forFedX |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. |- |VERIFIED |
ANSWER✔✔-D
Scarcity |results |in:
A. |opportunity |costs.
B. |the |no |free |lunch |principle.
C. |the |necessity |of |choice.
D. |All |of |the |above |are |correct. |- |VERIFIED |ANSWER✔✔-D
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.
B. |government |control.
C. |tradition.
D. |All |of |the |above |- |VERIFIED |ANSWER✔✔-A
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-interest |to |achieve |the |common |good.
C. |Markets |typically |channel |individual |self-interest |to |achieve |the |common |or |social |good.
D. |Socialism |results |in |a |more |equitable |distribution |of |income. |- |VERIFIED |ANSWER✔✔-C
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. |- |VERIFIED |ANSWER✔✔-B
In |the |United |States, |which |is |primarily |used |to |determine |how |cars |are |produced?
A. |Government |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |VERIFIED |ANSWER✔✔-D
In |the |United |States, |which |is |used |to |determine |the |wages |of |welders?
A. |Social |Forces
B. |Tradition
C. |Political |Forces
D. |Markets |- |VERIFIED |ANSWER✔✔-D
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 |- |VERIFIED |ANSWER✔✔-C
Which |of |the |following |are |associated |with |Adam |Smith |and |his |book, |Wealth |of |Nations:
A. |Individual |choice.
B. |The |Invisible |Hand.
C. |The |Market |System.
D. |All |of |the |above |are |correct. |- |VERIFIED |ANSWER✔✔-D
