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10 Cards in this Set
- Front
- Back
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Which of the following was known as the father of economics? |
Adam Smith |
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Which of the following terms did Adam Smith use to discuss the motivations of producers in the market place? |
the invisible hand |
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The study of economics involves looking at |
unlimited wants and limited resources |
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According to the economic theories promoted by Thomas Malthus, providing charity to those in need would |
be self-defeating to the betterment of society. |
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The rules of government distribution do not eliminate competition. |
True |
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Shortage and scarcity mean the same thing. |
false |
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All goods and services are scarce. |
True |
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Scarcity always exists. |
true |
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Market competition allows people to have all that they want. |
false |
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The allocation rule of "first come-first served" promotes productive cooperation. |
false |
