ECON 350 Test 1 - Question 1 1.5 out of 1.5 points Leonard...

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Question 1 1.5 out of 1.5 points Leonard Read used the production of ______ to explain the work of the invisible hand in the market. Selected Answer: A pencil Question 2 1.5 out of 1.5 points Free exchange of goods and services Selected Answer: Benefits the seller and the buyer Question 3 1.5 out of 1.5 points The principles and policies that flow from God-given rights must be those that provide the greatest material well-being for Selected Answer: The greatest number of people Question 4 1.5 out of 1.5 points Adam Smith preferred wars be financed by: Selected Answer: Pay-as-you-go taxation Question 5 1.5 out of 1.5 points When deciding what to produce, how to produce and for whom to produce, a free market is more preferable than a central-controlled government because: Selected Answer: All of the above Question 6 1.5 out of 1.5 points The laissez-faire doctrine of the classical economists was based on the belief that _____________ within a suitable institutional framework would lead to the best allocation of resources.
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