Multiple Choice
In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals
A) always tend to act in an altruistic manner.
B) always consider the impact of their actions on the welfare of others.
C) are motivated by self-interest.
D) are never concerned with economic issues.
Correct Answer:

Verified
Correct Answer:
Verified
Q2: Because models are used to explain economic
Q3: Which of the following is a positive
Q4: A mixed economic system is best described
Q5: Economics is the study of how<br>A) people
Q6: Economic models are NOT used to<br>A) explain
Q8: Macroeconomics deals with _ while microeconomics deals
Q9: Economic analysis is used<br>A) only by instructors
Q10: The assumption that people do NOT intentionally
Q11: Which of these social sciences deals most
Q12: Economics is an empirical science, which means