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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 2Not yet answeredMarked out of 2.0Flag questionQuestion textWhich 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 3Not yet answeredMarked out of 2.0
Flag questionQuestion textThe famous book written by Adam Smith is titled:Select one:a. The General Theory of Employment, Interest, and Moneyb. Freakonomicsc. Wealth of Nationsd. Principles of EconomicsQuestion 4Not yet answeredMarked out of 2.0Flag questionQuestion textWhich 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. thegovernment).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.
Question 5Not yet answeredMarked out of 2.0Flag questionQuestion textThe rational choice assumption used in traditional economic models states that:Select 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 6Not yet answeredMarked out of 2.0Flag questionQuestion textWhich 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 availableb. Trade increases productivity by creating specialization and division of knowledge
c. Since people’s preferences differ, trade allows goods to move from people that value the less to