1dce2f939ef6c6724a9ee21bf81f3935_69811ce63fbc992e3cf1c51e0bbc60a4

1dce2f939ef6c6724a9ee21bf81f3935_69811ce63fbc992e3cf1c51e0bbc60a4

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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 Macroeconomics b. He won the nobel prize in economics for his work on economic growth c. He started the marginal revolution that developed the economic theory of value that we still use  today d. He is considered the father of modern economics and wrote the book “Wealth of Nations” back in  1776. Question 2 Not yet answered Marked out of 2.0 Flag question Question text Which statement is true about opportunity cost? Select one: a. It will be zero if the good is being given away for free. b. It only applies to market transaction, not non-market transactions. c. All actions have an opportunity cost because of scarcity. d. If you already own something, the opportunity cost to keep it will be zero. Question 3 Not yet answered Marked out of 2.0
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Flag question Question text The famous book written by Adam Smith is titled: Select one: a. The General Theory of Employment, Interest, and Money b. Freakonomics c. Wealth of Nations d. Principles of Economics Question 4 Not yet answered Marked out of 2.0 Flag question Question text Which statement best describe the possible uses of economics? Select one: a. Economics can help us understand behavior in the private sector but not the public sector (i.e. the government). b. Economics can explain matters of business but is limited in other social areas. c. Economics can explain actions motivated by money but not those not involving money. d. Economics can be used to explain all sorts of human behaviors, in particular ones involving  exchanges and trade-offs.
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Question 5 Not yet answered Marked out of 2.0 Flag question Question text The rational choice assumption used in traditional economic models states that: Select one: a. People will choice the option with the most monetary reward b. All people have the same basic preferences so people will make the same choice in the same  scenario c. People will always made the right decision d. A person will use the available resources to best achieve the goals of the person making the  choice Question 6 Not yet answered Marked out of 2.0 Flag question Question text Which is NOT one of the benefits of trade discussed in the textbook? Select one: a. Trade encourages more small scale production thus increasing the total number of jobs available b. Trade increases productivity by creating specialization and division of knowledge
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c. Since people’s preferences differ, trade allows goods to move from people that value the less to 
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