Exam (elaborations)
ECON 1500 EXAM 1 (QUIZ QUESTIONS TYLER BOWELS) QUESTIONS WITH CORRECT ANSWERS.
- Course
- Institution
ECON 1500 EXAM 1 (QUIZ QUESTIONS TYLER BOWELS) QUESTIONS WITH CORRECT ANSWERS.
[Show more]
Content preview
ECON 1500 EXAM 1 (QUIZ QUESTIONSTYLER BOWELS) QUESTIONS WITH
CORRECT ANSWERS
did dddadam dddsmith dddthink dddabout dddfree dddmarkets? ddd- dddAnswer dddthought ddda
dddmarket dddsystem dddwould dddresult dddin dddgoods dddbeing dddproduced dddefficiently
What ddddid dddthe dddWealth dddof dddNations dddargue dddin dddfavor dddin? ddd- dddAnswer
dddArgued dddin dddfavor dddof dddallowing dddmarkets dddto dddanswer dddthe dddquestion dddof
dddwhat dddto dddproduce.
According dddto dddthe dddInvisible dddHand dddTheorem, dddthe dddmarket dddsystem dddwill
ddd- dddAnswer dddresult dddin dddsocially ddddesirable dddoutcomes dddand dddproduce
dddgoods dddefficiently
According dddto dddthe dddInvisible dddHand dddTheorem, dddthe dddmarket dddsystem dddwill:
ddd- dddAnswer dddProduce dddgoods dddthat dddpeople dddwant dddand ddddemand
Which dddof dddthe dddfollowing dddare dddscarce? ddd- dddAnswer dddlabor
If dddyou dddmake ddddecisions dddas dddassumed dddby dddeconomists, dddyou dddare dddin
dddcollege dddrather dddthan dddworking dddas ddda dddtruck ddddriver dddbecause dddyou
dddperceive dddthe ddd_____________ dddof ddda dddcollege ddddegree dddas dddgreater
dddthan dddthe ddd________________ dddof ddda dddcollege ddddegree ddd- dddAnswer
dddmarginal dddbenefit; dddmarginal dddcost
For dddwhich dddof dddthe dddfollowing dddquestions dddcan dddthe ddddiscipline dddof
dddeconomics dddprovide dddan dddexplanation dddas dddto dddthe dddcorrect dddanswer? ddd-
dddAnswer dddHow dddto dddproduce?
Applying dddthe dddeconomic ddddecision dddrule, dddyou dddwould dddnot dddget dddthe
dddCovid dddvaccine dddif dddyou dddperceived dddthat: ddd- dddAnswer dddMarginal dddbenefit
dddto dddyou dddof dddyou dddgetting dddvaccinated ddd< dddmarginal dddcost dddto dddyou dddof
dddgetting dddvaccinated.
Scarcity dddresults dddin: ddd- dddAnswer dddopportunity dddcosts, dddno dddfree dddlunch
dddprinciple, dddnecessity dddof dddchoice
The dddcost dddof dddyour dddcollege dddeducation dddincludes: ddd- dddAnswer dddexplicit
dddcost dddof dddbooks, dddimplicit dddcost dddof dddyour dddtime, dddopportunity dddcost
, Which dddstatement dddbest dddsummarizes dddthe dddInvisible dddHand dddTheory? ddd-
dddAnswer dddMarkets dddtypically dddchannel dddindividual dddself dddinterest dddto dddachieve
dddthe dddcommon dddor dddsocial dddgood
Economics dddas ddda ddddiscipline ddd- dddAnswer dddIs ddddefined dddmore dddby dddits
dddmethodology dddthan dddits dddareas dddof dddinquiry, dddassumes dddindividuals dddare
dddrational, dddassumes dddthat dddindividuals dddare dddself dddinterested dddwhen dddmaking
ddddescisions
In dddthe dddUnited dddStates, dddwhich dddis dddprimarily dddused dddto ddddetermine dddhow
dddcars dddare dddproduced? ddd- dddAnswer dddMarkets
In dddthe dddUnited dddStates, dddwhich dddis dddused dddto ddddetermine dddthe dddwages dddof
dddwelders? ddd- dddAnswer dddMarkets
Typically, dddbirth dddrates dddin ddda dddnation dddfall dddas dddincomes dddrise dddsince: ddd-
dddAnswer dddThe dddmarginal dddcost dddof dddhaving dddchildren dddrises.
Typically, dddUSU dddwould dddhave dddmore dddseniors dddon dddits dddmen's dddbasketball
dddteam dddcompared dddto dddUNC dddsince: ddd- dddAnswer dddUNC dddplayers dddface ddda
dddhigher dddmarginal dddcost dddof dddstaying dddin dddcollege.
For ddda dddgiven dddbenefit, ddda dddrational dddperson dddchooses dddthe dddoption dddthat
dddhas: ddd- dddAnswer dddthe dddlowest dddopportunity dddcost.
Which dddof dddthe dddfollowing dddare dddassociated dddwith dddAdam dddSmith dddand dddhis
dddbook, dddWealth dddof dddNations: ddd- dddAnswer dddThe dddMarket dddSystem
Even dddthough ddd80,000 dddindividuals dddin dddthe dddUnited dddStates dddwait dddfor
dddkidney dddtransplants dddand, dddfor ddda dddprice, dddthere dddare dddmany dddindividuals
dddwho dddwould dddbe dddwilling dddto dddsupply ddda dddkidney, dddit dddremains dddillegal dddto
dddbuy dddand dddsell dddkidneys dddin dddthe dddUnited dddStates. dddA dddmarket dddfor
dddkidneys ddddoes dddnot dddexist dddbecause dddof: ddd- dddAnswer dddPolitical dddForces.
Which dddof dddthe dddfollowing dddis dddnot dddone dddof dddthe dddthree dddeconomic
dddquestions dddfaced dddby dddall dddsocieties? ddd- dddAnswer dddhow dddto dddlimit dddscarcity
Which dddof dddthe dddfollowing dddwill dddshift dddthe dddPPC dddout? ddd- dddAnswer dddMore
dddlabor
Which dddof dddthe dddfollowing dddis/are dddtrue dddconcerning dddtrade dddand
dddspecialization. dddFor dddtwo dddstates dddto dddbenefit dddfrom dddspecialization dddand
dddtrade? ddd- dddAnswer dddBoth ddddifferences dddin dddgoods dddand dddresources dddare
dddrequired
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LucieLucky. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now