ECON-Lesson 1_Exam_EN
Quiz by Daniel Vasquez
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34 questions
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- Q1Why 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.30s
- Q2Which 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."30s
- Q3Which of these terms is most closely related to tradeoffs?marginincentivesscarcitymarkets30s
- Q4Economists assume people choose something when its expected costs are less than itsworking life.chief competitors.anticipated benefits.required maintenance.30s
- Q5A limitation of using graphs to represent relationships is that theyomit 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.30s
- Q6Which 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.30s
- Q7What 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.30s
- Q8Which of the following is not a market?a high school classrooman online auction sitea large appliance storea neighborhood garage sale30s
- Q9What 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.30s
- Q10What 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.30s
- Q11__________________________ is the condition that results because people have people have limited resources but unlimited wantsSupplyShortageScarcitySocialism30s
- Q12__________________________ is the economic principle that people are motivated by something to take a particular course o action.Future Consequences CountMarkets Coordinate TradeCosts vs. BenefitsIncentives Matter30s
- Q13The 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 changeScarcity Forces Trade-offsThinking at the MarginCosts vs. BenefitsEconomic Enigmas30s
- Q14What 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.30s
- Q15Economics is often defined as the study of how people choose tosell 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.30s