Quiz1 - A) a method rather than a body of settled...

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ECO 201 QUIZ # 1 Dr. Antonio Saravia 1)
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Rich people who have more money than they know how to spend A)
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will still face a scarcity of their time. B)
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no longer have to choose to advance one project over another. C)
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no longer act under scarcity. D)
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no longer need to economize. 2)
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Adam Smith used the term commercial society to refer to a society in which A)
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everyone lives by exchanging. B)
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everyone identifies value with price. C)
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people behave without regard for the interests of others. D)
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increased income is everyone's principal life goal. E)
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business interests control the political system. 3)
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Accordin g to your textbook author, economics is generally
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Unformatted text preview: A) a method rather than a body of settled conclusions. B) founded on the observation of data. C) an unbiased science. D) a false and misleading discipline. ESSAY QUESTIONS based on the article by R. McTeer, 4) How does the author define Economics? 5) Briefly explain the broken window fallacy. 1) A 2) A 3) A 4) Econ omics is the study of how to antici pate unint ended conse quenc es 5) The broke n wind ow didnt create net new spend ing; it just divert ed spend ing from some wher e else....
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Quiz1 - A) a method rather than a body of settled...

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