Govt 200 - Part 1

21 Questions  I  By Tmfitzgerald
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Govt 200 - Part 1
GOVT 200 Economics

  
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  • 1. 
    A good work ethic is essential because
    • A. 

      It expresses the image of God who "worked" in creation

    • B. 

      It is a means of "dominion' over God's natrual resources

    • C. 

      It is the only legitamite means of getting out of poverty

    • D. 

      All of the above


  • 2. 
    According to one careful study of religion and national wealth, the richest states are
    • A. 

      Protestant Christian, because of the Reformation ideas of calling and work

    • B. 

      The right, goodness, or justice of economic arrangements or systems

    • C. 

      Offered at a given price meets the amount demanded at the same price

    • D. 

      Work alienation


  • 3. 
    Economic ethics deals with
    • A. 

      Work alienation

    • B. 

      Offered at a given price meets the amount demanded at the same price

    • C. 

      The right, goodness, or justice of economic arrangements or systems

    • D. 

      Protestant Christian, because of the Reformation ideas of calling and work


  • 4. 
    In the U.S., inflationary policy is usually carried out by
    • A. 

      Protestant Christian, because of the Reformation ideas of calling and work

    • B. 

      Bad teachers

    • C. 

      Work alienation

    • D. 

      The Federal Reserve Bank


  • 5. 
    "Equilibrium" is the economic condition (even if only very temporary) where the amount of goods
    • A. 

      Protestant Christian, because of the Reformation ideas of calling and work

    • B. 

      Offered at a given price meets the amount demanded at the same price

    • C. 

      Work alienation

    • D. 

      The right, goodness, or justice of economic arrangements or systems


  • 6. 
    The economic lesson of the Matthew 20:1-16 parable is that wages or prices
    • A. 

      The right, goodness, or justice of economic arrangements or systems

    • B. 

      Work alienation

    • C. 

      Offered at a given price meets the amount demanded at the same price

    • D. 

      Reached freely between two parties without deceit is just


  • 7. 
    Economic risk taking, or entrepreneurship is
    • A. 

      Reached freely between two parties without deceit is just

    • B. 

      Recognizing new opportunities and acting on themoffered

    • C. 

      Offered at a given price meets the amount demanded at the same price

    • D. 

      The right, goodness, or justice of economic arrangements or systems


  • 8. 
    The 'work ethic' (historically called the Protestant work ethic)
    • A. 

      Based on teh idea that every legitamite task is a calling from God

    • B. 

      Offer labor in return for pay

    • C. 

      Matthew 20:1-16

    • D. 

      All of the above


  • 9. 
    The early Church in Jerusalem, often cited by "Christian socialists" as communistic, was
    • A. 

      Not communistic, because sharing was voluntary, without coercion

    • B. 

      Walth of nations

    • C. 

      Both a and b

    • D. 

      All of the above


  • 10. 
    Minimum wages laws
    • A. 

      Increase in price = decrease in consumption

    • B. 

      Significant cause of greater unemployment

    • C. 

      Least-skilled works affected the most, racial discrimination made easier

    • D. 

      Both a and c


  • 11. 
    The main Marxist objection to division or specialization of labor is
    • A. 

      Leads to workers with poorer overal skills and a lack of enthusiasm for their work

    • B. 

      Work alienation

    • C. 

      Both a and b

    • D. 

      All of the above


  • 12. 
    'Demand' is
    • A. 

      Total amount of goods that sellers can and will offer at a given price

    • B. 

      High value in relation to volume and weight; medium of exchange or store value

    • C. 

      How we make choices

    • D. 

      Desire plus willingness and ability to pay


  • 13. 
    "Scarcity" as the prime determiner of economic value is
    • A. 

      Too little of something to meet everyone's demands at no cost without somebody producing more

    • B. 

      High value in relation to volume and weight; medium of exchange or store value

    • C. 

      How we make choices

    • D. 

      Desire plus willingness and ability to pay


  • 14. 
    'Supply' is
    • A. 

      How we make choices

    • B. 

      High value in relation to volume and weight; medium of exchange or store value

    • C. 

      Total amount of goods offered for sale at a given price

    • D. 

      Desire plus willingness and ability to pay


  • 15. 
    Adam Smith, and 18th century advocate of division of labor, wrote a famous book
    • A. 

      Wealth of Nations

    • B. 

      Risk taking

    • C. 

      Supply and Demand

    • D. 

      Mercantilisim is not Capitalism


  • 16. 
    Another economic lesson from the Matthew 20 parable is that
    • A. 

      How to be a good steward of your money.

    • B. 

      Landowners (employers) can be as generous with their own money as they want to be

    • C. 

      All of the above


  • 17. 
    Occupational licensing laws by states are examples of
    • A. 

      Regulatory laws

    • B. 

      Entry/access controls

    • C. 

      The democracy sucks

    • D. 

      Or the constitutional republic rules


  • 18. 
    The profit/loss principle has the advantage of manifesting
    • A. 

      Bugers

    • B. 

      Jurk off

    • C. 

      Both a and b

    • D. 

      All of the above


  • 19. 
    Money, in order to be a genuinely-recognized medium of exchange, should be
    • A. 

      Divisibility and scarcity

    • B. 

      Portability

    • C. 

      Durability and recognition

    • D. 

      All of the above


  • 20. 
    The application of the "Division of labor" offers the benefit of
    • A. 

      Free workers to focus on task that are best at, learning faster ways to perform tasks

    • B. 

      Overall quality of the product will increasingly bring welfare gains to the customer

    • C. 

      Becomes possible to influence how production takes place

    • D. 

      All of the above


  • 21. 
    "Division of labor" can be defined as an arrangement in which
    • A. 

      Each person does little jobs that contribute to finished products

    • B. 

      A method that breaks down the production of a commodity into a series of specific tasks

    • C. 

      Overall waste time is reduced

    • D. 

      Each performed by a different worker


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