Why might some historians consider Adam Smith one of the most influential people in history?

He introduced a way of thinking about economic ideas.

The opportunity cost of studying Economics is the

time you do not spend on your favorite leisure activity.

Which scenario best illustrates the law of diminishing marginal utility?

A new toy is less exciting to a child with many toys.

the cost of choosing one item over another

when a person works on making one part of an item

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Intro to Economics - Unit 1

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Reilly Econ Quiz #1 Review

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Questions 17

Answers

1
which of the following is an example of a natural resource
oil
entrepreneurship
money
labor
2
Economics is the study of how people and countries make decisions about using
resources
water
people
oil
3
What is this graph an example of
Demand Curve
Market Equilibrium
Supply Curve
Production Possibilities Curve
4
resources used to make goods and services, land, labor, capital, entrepreneurship
factors of production
manager
want
service
5
need
a problem in which wants are greater than what is available
when a person works on making one part of an item
the cost of choosing one item over another
something that is necessary to remain alive
6
Which of the following is not a capital resource?
labor
buildings
machines
money
7
not needed to survive but makes life better
manager
factors of production
service
want
8
scarcity
the cost of choosing one item over another
something that is necessary to remain alive
when a person works on making one part of an item
a problem in which wants are greater than what is available
9
Resources used to make goods and services are called
scarcity
people
factors of production
work
10
Limited resources but unlimited wants create
jobs
scarcity
opportunity
fear
11
Why might some historians consider Adam Smith one of the most influential people in history?
He taught that all people should be economic equals
He introduced a way of thinking about economic ideas.
He wrote the economic argument for American independence.
He argued a larger role for the government in the economy
12
The opportunity cost of studying Economics is the
change in the education / skateboarding PPC you can plot.
time you do not spend on your favorite leisure activity.
nothing, Economics is essential for a well rounded education
cost of the textbooks you may have to buy.
13
Which scenario best illustrates the law of diminishing marginal utility?
A new toy is less exciting to a child with many toys.
Who doesn't listen to music does not care about a new CD
A collector of china figurines is eager to get a new one.
A car breaks down more often as it gets older.
14
work done for other people for a fee
factors of production
want
service
manager
15
opportunity cost
something that is necessary to remain alive
when a person works on making one part of an item
a problem in which wants are greater than what is available
the cost of choosing one item over another
16
Four factors of production are land, labor, capital, and
opportunity cost
trade-off
entrepreneurship
scarcity
17
specialization
something that is necessary to remain alive
when a person works on making one part of an item
the cost of choosing one item over another
a problem in which wants are greater than what is available

Intro to Economics - Unit 1 Flashcards | StudBud