Mdt1-2A - 18. Economic theory assumes that social...

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18.
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Economic theory assumes that social interactions are the result of a.
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chance and the laws of probability. b.
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choices by individuals that are determined by genetic and environmental factors. c.
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random occurrences. d.
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calculated choices by individuals. 19.
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The economic way of thinking a.
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is free of biases and assumptions. b.
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explains how social order and cooperation emerge from the actions of individuals. c.
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studies facts without using theories. d.
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includes all of the above features. 20.
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Which of the following statements is true? a.
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Economic theory deduces that competition is desirable and cooperation is undesirable. b.
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Greed must be present for a market transaction to be effective. c.
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Competition could be eliminated if money were abolished. d.
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Capitalism has a tendency to eliminate scarcity. e.
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None of the above. 21.
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Wealth consists ultimately of a.
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money.
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b. land.
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gold.
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ever people value. 2.
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This note was uploaded on 04/18/2008 for the course ECO 201 taught by Professor Saravia during the Spring '08 term at American University of Sharjah.

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Mdt1-2A - 18. Economic theory assumes that social...

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