Question

PLEASE, GUYS, HELP ME WITH ECONOMICS
The following are four of the ten big ideas, described in chapter I of the Cowen & Tabarrok textbook. Which of the following is not applicable to the theory of Adam Smith that we read as well?
I) Incentives.
2) The power of trade.
3) Institutions matter.
4) Thinking on the margin.
2. In the story of the convict ships carrying prisoners to Australia, paying the captains for every prisoner they got on board was an example of:
l) Alignment of self and social interest,
2) Socially good incentives.
3) Insufficient incentives.
4) Self and social interest not being aligned.
3. According to Adam Smith, what is are the three consequences of division of labor?
1) Dexterity, efficiency, development of machines.
2) Efficiency, produce a surplus, trade.
3) Dexterity, development of machines, consumer surplus.
4) Trade, efficiency, dexterity.
4. What is an absolute advantage?
I) The ability to produce the same good using fewer resources than another producer. 2) The ability to produce the same good at a lower opportunity cost than another producer.
3) 3) The ability to produce a good with no opportunity cost.
4) The ability to produce more than another producer.
5. A country can either produce 2500 T-shirts or 50 computers, or any linear combination. What is the opportunity cost of producing a computer?
I) 250 T-shirts.
2) 50 computers.
3) 50 T-shirts.
4) 250 computers.

Answer 1

Answer:

1. Institutions matter.

2. Alignment of self and social interest,

3. 250 computers.

Explanation:

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