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ECON-Lesson 1_Exam_EN

Quiz by Daniel Vasquez

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34 questions
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  • Q1
    Why might some historians consider Adam Smith one of the most influential people in history?
    He wrote the economic argument for American independence.
    He taught that all people should be economic equals.
    He introduced a way of thinking about economic ideas.
    He argued for a larger role for the government in the economy.
  • Q2
    Which of these statements is an example of normative economics?
    "Inflation is higher this year."
    "Speculation caused a recession."
    "The bond market is in decline."
    "Taxes ought to be lowered."
  • Q3
    Which of these terms is most closely related to tradeoffs?
  • Q4
    Economists assume people choose something when its expected costs are less than its
    working life.
    chief competitors.
    anticipated benefits.
    required maintenance.
  • Q5
    A limitation of using graphs to represent relationships is that they
    omit factors other than those being graphed.
    must be presented in a small space.
    are hard for anyone but economists to interpret.
    typically show the less important variables.
  • Q6
    Which statement is the best example of thinking at the margin?
    Mary observes that the average cost of shoes is higher than last year.
    David decides to volunteer this summer instead of working for pay.
    John has six shirts and is trying to decide whether to buy a seventh.
    Jane wants to buy a car but decides she cannot afford the insurance.
  • Q7
    What is the best test of an economic model?
    It helps people make decisions more easily.
    It is useful for both explaining past events and predicting future ones.
    It has gone unchallenged for decades.
    It is accepted by both liberals and conservatives.
  • Q8
    Which of the following is not a market?
    a high school classroom
    an online auction site
    a large appliance store
    a neighborhood garage sale
  • Q9
    What does it mean to say that free markets are efficient?
    Everyone is assured of ge;ng basic necessities.
    Buyers and sellers trade until both are satisfied.
    Information is communicated around the world.
    Decisions are made quickly with little confusion.
  • Q10
    What is the law of unintended consequences?
    Attempts to intervene always backfire.
    Markets are always influenced by emotional factors.
    Economic booms are always followed by downturns.
    Actions over have unforeseen effects.
  • Q11
    __________________________ is the condition that results because people have people have limited resources but unlimited wants
  • Q12
    __________________________ is the economic principle that people are motivated by something to take a particular course o action.
    Future Consequences Count
    Markets Coordinate Trade
    Costs vs. Benefits
    Incentives Matter
  • Q13
    The idea that many decisions involve choices about using or doing a little more or a little less (resources) of something rather than making a large change
    Scarcity Forces Trade-offs
    Thinking at the Margin
    Costs vs. Benefits
    Economic Enigmas
  • Q14
    What does Adam Smith argue in "The Wealth of Nations"?
    Government interference helps the economy.
    Competition is crucial for a healthy economy.
    Competition is very damaging to the economy.
    A free market economy is not an ideal system.
  • Q15
    Economics is often defined as the study of how people choose to
    sell goods and services that are produced domestically.
    measure efficiency with the production of luxury goods.
    use their limited resources to satisfy their unlimited wants.
    analyze the benefits and consequences of their decisions.

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