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What is Adam Smith’s role in the history of Economics?Select one:a. He wrote the book “The General Theory of Employment, Interest, and Money after the Great Depression and started the field of Macroeconomicsb. He won the nobel prize in economics for his work on economic growthc. He started the marginal revolution that developed the economic theory of value that we still use todayd. He is considered the father of modern economics and wrote the book “Wealth of Nations” back in 1776.Question Not yet answeredMarked out of 2.0Flag questionQuestion textWhich statement is true about opportunity cost?2Question 3Not yet answeredMarked out of 2.0
Flag questionQuestion textThe famous book written by Adam Smith is titled:Question Not yet answeredMarked out of 2.0Flag questionQuestion textWhich statement best describe the possible uses of economics?4
Question Not yet answeredMarked out of 2.0Flag questionQuestion textThe rational choice assumption used in traditional economic models states that:5Select one:a. People will choice the option with the most monetary rewardb. All people have the same basic preferences so people will make the same choice in the same scenarioc. People will always made the right decisiond. A person will use the available resources to best achieve the goals of the person making the choiceQuestion Not yet answeredMarked out of 2.0Flag questionQuestion textWhich is NOT one of the benefits of trade discussed in the textbook?6