Adam Smith v Karl Marx Practice Quiz

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

• Economics
• Consumer Science
• Opportunity Costs

Making Choices means that there is ___________ in economics

• Scarcletty
• Scarlett Johansen
• tradition
• Scarcity

Adam Smith's "Invisible Hand" is ___________

• The idea of how the economy eliminated the factors of production
• The unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically
• The unobservable makeup of the Russian Economy

Nacho loves science, but he is learning how to lay bricks like his father and grandfather. He becomes a bricklayer.

• Free Market
• Traditional
• Mixed
• Command

____________ The NEXT best thing you gave up to have something else. (Everything has a cost)

• Opportunity Cost
• Tradeoff
• Incentive

Nike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality.

• Free Market
• Command economy
• Traditional economy

In a ____________, supply & demand determines what gets produced

• Free Market Economy
• Command Economy

Sarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government.

• Mixed
• Market
• Traditional
• Command

_______________ study of production, employment, prices, and policies (will unemployment rise if there is an increase in taxes?), for large units, i.e. governments & companies.

• Macroeconomics
• Microeconomics
• Opportunity Cost

______________ not having enough resources to satisfy all of the needs/wants

• Scarcity
• Opportunity Cost
• Tradeoff