USU ECN 1500 - EXAM 1 QUESTIONS AND VERIFIED
ANSWERS |100% CORRECT | ALREADY GRADED A
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 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 Answers 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 Answers 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 Answers C
Which of the following is(are) scarce?
A. Clean water
B. Electricity
C. Workers
D. All the above Correct Answers 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. Correct Answers Marginal Cost; Marginal
Benefit
For which of the following questions can the discipline of economics
provide an explanation as to the correct answer? Correct Answers 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:
Correct Answers 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 the above Correct Answers D
Which word or phrase best explains what determines the average price
and quantity sold per week in the
U.S. of the iPhone 14 Pro? Correct Answers The price mechanism
Which statement best summarizes the Invisible Hand theory? Correct
Answers Markets typically channel individual self-interest to achieve
the common or social good.
Economics as a discipline Correct Answers 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? Correct Answers Markets
, In the United States, which is used to determine the wages of welders?
Correct Answers Markets
In addition to The Wealth of Nations, Adam Smith is also the author of:
Correct Answers A Theory of Moral Sentiments
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 the above Correct Answers D
Typically, USU would have more juniors and seniors on its men's
basketball team compared to Duke
since: Correct Answers Duke players face a higher marginal cost of
staying in college.
For a given opportunity cost to the person, a rational individual chooses
the option that has: Correct Answers the highest benefit to that
individual
Which of the following is not one of the three economic questions faced
by all societies?
A. How to eliminate scarcity
ANSWERS |100% CORRECT | ALREADY GRADED A
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 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 Answers 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 Answers 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 Answers C
Which of the following is(are) scarce?
A. Clean water
B. Electricity
C. Workers
D. All the above Correct Answers 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. Correct Answers Marginal Cost; Marginal
Benefit
For which of the following questions can the discipline of economics
provide an explanation as to the correct answer? Correct Answers 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:
Correct Answers 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 the above Correct Answers D
Which word or phrase best explains what determines the average price
and quantity sold per week in the
U.S. of the iPhone 14 Pro? Correct Answers The price mechanism
Which statement best summarizes the Invisible Hand theory? Correct
Answers Markets typically channel individual self-interest to achieve
the common or social good.
Economics as a discipline Correct Answers 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? Correct Answers Markets
, In the United States, which is used to determine the wages of welders?
Correct Answers Markets
In addition to The Wealth of Nations, Adam Smith is also the author of:
Correct Answers A Theory of Moral Sentiments
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 the above Correct Answers D
Typically, USU would have more juniors and seniors on its men's
basketball team compared to Duke
since: Correct Answers Duke players face a higher marginal cost of
staying in college.
For a given opportunity cost to the person, a rational individual chooses
the option that has: Correct Answers the highest benefit to that
individual
Which of the following is not one of the three economic questions faced
by all societies?
A. How to eliminate scarcity
