ECO 350 Test 1

ECO 350 Test 1 Strayer University

  1. Leonard Read used the production of ______ to explain the work of the invisible hand in the market.
  2. Free exchange of goods and services
  3. The principles and policies that flow from God-given rights must be those that provide the greatest material well-being for
  4. Adam Smith preferred wars be financed by:
  5. When deciding what to produce, how to produce and for whom to produce, a free market is more preferable than a central-controlled government because:
  6. The laissez-faire doctrine of the classical economists was based on the   belief that _____________ within a suitable institutional framework would lead to the best allocation of resources.
  7. Early advocates of classical economics thought viewed the free market as an extension of
  8. Adam Smith believed the keys to prosperity were to be found in the decisions of
  9. From mercantilist point of view, which constituted a nation?
  10. Our choice of purchasing a product depends on
  11. The true freedom means that
  12. Adam Smith and later classical economists conceive wealth is
  13. Classical economists
  14. The 17thcentury English philosopher John Locke traced the rights of liberty and freedom to their
  15. Prior to the industrial revolution, in the feudal system, many decisions about production and distribution were made by
  16. In the sense of establishing an authoritative tradition, who can be said to have founded classical economics?
  17. The laws which kept wheat prices artificially high by imposing steep import duties to benefit the landed interests are called
  18. The primary objective of the early classical economists, such as Adam Smith, was to help improve living standards for
  19. Who was regarded by Adam Smith as “love to reap where they never sowed” during his time.
  20. Classical economists attacked slavery by arguing that the key economic weakness of slavery is
  21. According to mercantilist doctrine, wealth being
  22. From the list below choose one or more of the following answers that forms the basis for classical economic principles?
  23. Mercantilists support
  24. The “hand” that leads the individual self-seeker “to promote an end which was not part of his intention” is called
  25. Which of the following should be the role of a government in the economy according to classical economics?
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Files Included - Liberty University
  1. eco-350-test-1