Econ 1500 exam 1 Tyler Bowles Exam Questions With Correct Answers

Econ 1500 exam 1 Tyler Bowles Exam
Questions With Correct 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. - CORRECT 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. - CORRECT 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. - CORRECT 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. - CORRECT ANSWER✔✔-C
| | | | |




Which of the following is(are) scarce?
| | | | |




A. Clean water.
| |




B. Electricity.
|




C. Workers.
|




D. All of the above are correct. - CORRECT 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. - CORRECT 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. - CORRECT 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. - CORRECT 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. - CORRECT 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 - CORRECT 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. - CORRECT
| | | | | | | | | | | |


ANSWER✔✔-C


Economics as a discipline | | |




A. is a very narrow discipline concerned primarily with three issues - interest
| | | | | | | | | | | | |


rates, inflation and the stock market.
| | | | |