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Q 1/34
Score 0
Why might some historians consider Adam Smith one of the most influential people in history?
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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.
Q 2/34
Score 0
Which of these statements is an example of normative economics?
30
"Inflation is higher this year."
"Speculation caused a recession."
"The bond market is in decline."
"Taxes ought to be lowered."
34 questions
Q.
Why might some historians consider Adam Smith one of the most influential people in history?
1
30 sec
Q.
Which of these statements is an example of normative economics?
2
30 sec
Q.
Which of these terms is most closely related to tradeoffs?
3
30 sec
Q.
Economists assume people choose something when its expected costs are less than its
4
30 sec
Q.
A limitation of using graphs to represent relationships is that they
5
30 sec
Q.
Which statement is the best example of thinking at the margin?
6
30 sec
Q.
What is the best test of an economic model?
7
30 sec
Q.
Which of the following is not a market?
8
30 sec
Q.
What does it mean to say that free markets are efficient?
9
30 sec
Q.
What is the law of unintended consequences?
10
30 sec
Q.
__________________________ is the condition that results because people have people have limited resources but unlimited wants
11
30 sec
Q.
__________________________ is the economic principle that people are motivated by something to take a particular course o action.
12
30 sec
Q.
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
13
30 sec
Q.
What does Adam Smith argue in "The Wealth of Nations"?
14
30 sec
Q.
Economics is often defined as the study of how people choose to
15
30 sec
Q.
A riddle or puzzle that can be explained through an economic analysis is called
16
30 sec
Q.
When an economist uses objective analysis to find out how the economy actually works, this is
17
30 sec
Q.
When an economist uses objective analysis to find out how things ought to be done, this is
18
30 sec
Q.
Which of the following is true of the scarcity-forces-tradeoffs principle?
19
30 sec
Q.
You consider the costs and benefits between seeing your friends and doing homework. This is an example of
20
30 sec
Q.
What is a marginal benefit?
21
30 sec
Q.
Which of the following is an example of a positive incentive?
22
30 sec
Q.
You pay a hairdresser $40 to get a nice haircut. This demonstrates the
23
30 sec
Q.
Which of the following is an example of a market?
24
30 sec
Q.
A market that operates with limited government interference results in
25
30 sec
Q.
The metaphor of the invisible hand explains how
26
30 sec
Q.
A school cuts spending on scholarships to open up more classes. As a result, less students are motivated to get good grades. This is an example of
27
30 sec
Q.
What is the final step of the scientific method?
28
30 sec
Q.
A ________ is a visual representa!on of the relationship between two given sets of data.
29
30 sec
Q.
Why can't graphs show a complete picture of how two sets of informa!on are related?
30
30 sec
Q.
Part of the rational-behavior model theory is that
31
30 sec
Q.
What must economists do when they construct models?
32
30 sec
Q.
The term "Ceteris Paribus," when used in economic models, refers to the assump!on that
33
30 sec
Q.
The famous economist who came up with the invisible hand theory is
