- Which of the following are characteristics of entrepreneurs? (Choose all that apply.)
- Which of the following is a reason that some economists claim that war benefits the world's economy?
- Goods are ________ ________ that satisfy human wants.
- According to Adam Smith, a notable advantage of division of labor is that it facilitates ________.
- The comparison of the marginal benefits and marginal costs of taking a particular action is ________ ________.
- In Chapter 3, Hazlitt argues against economists who claimed that the destruction caused by ________ would increase the wealth of society.
- The productive resources used to produce goods and services are collectively known as ________.
- The separation of a task into different, individual processes is ________.
- Hazlitt's single economic lesson is this: "The art of economics consists in looking not merely at the immediate but at the _____effects of any act or policy; it consists in tracing the_____ of that policy not merely for one group but for all groups."
- If an action has a net benefit of $80 and a marginal benefit of $100, what is the marginal cost?
- Marginal cost is the change in total cost resulting from ________.
- Which of the following are economic theories that Smith argues for in The Wealth of Nations? (Choose all that apply.)
- What flaw in thinking is responsible for the broken window fallacy?
- What example does Smith use to show that switching from one task to another can cause a lot of lost time?
- What type of factory does Adam Smith use as an example of division of labor?
- You have $20 in your pocket and are debating whether to buy a board game, a movie ticket, or a new shirt. You decide that your first choice is to buy a shirt, your second choice is to buy a board game, and your third choice is to buy a movie ticket. After buying the shirt, what was your opportunity cost?
- In Economics in One Lesson, Hazlitt states that "effective economic demand" requires ________.
- Chris is at the gas station, trying to decide what snacks to buy. Using the tables below, choose which option will provide Chris with the greatest net benefit.TABLE 1: 1 Candy bar:Marginal benefit- $5Marginal cost- $12 Candy bar:Benefit- $2Cost-$1TABLE 2:1 Granola Bar:Benefit- $4cost-$22 Granola Bar-Benefit- $3Cost- $2
- If the marginal benefit of an action is $100 and the marginal cost is $90, then the net benefit is ________.
- Hazlitt compares economics to both mathematics and ________.