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Economics Study Set 3
Quiz 2: Trade-Offs, Comparative Advantage, and the Market System
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Question 481
True/False
A welding machine is an example of a factor of production if it is being used to produce automobiles.
Question 482
Essay
How does Adam Smith's idea of the "invisible hand" apply to the various parts, made by many different manufacturers in many different countries, that are used by Apple to produce an iPad?
Question 483
Essay
Why are music, television, and movie companies concerned about their products being posted to Internet websites such as YouTube?
Question 484
Essay
Adam Smith, the father of modern economics, wrote in his book, An Inquiry into the Nature and Causes of the Wealth of Nations, "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner but from their regard to their own interest." Explain what he meant by that statement and how such behavior promotes the wealth of a nation.
Question 485
Essay
List the four broad categories of factors of production.
Question 486
Essay
What is an entrepreneur?
Question 487
Essay
What is a circular flow diagram and what does it demonstrate?
Question 488
Essay
In a simple circular flow diagram, who supplies factors of production in markets and who buys these factors of production? Who supplies goods and services in markets and who buys these goods and services?