Ethics And Economics Trivia Quiz!
Ethics and Economics go hand in hand, and this is because for one to be able to achieve the goals in economics, they will also be expected to be ethical. There are different ethical preconditions in the economy that we got to cover this week, and the quiz below will test out just how much you got to understand. Give it a try!
- 1.
A good work ethic
- 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
Correct Answer
D. All of the above -
- 2.
According to one careful study of religion an national wealth, the richest States are
- A.
Protestant Christian, because o the Reformation ideas
- B.
Desire willingness to work
- C.
Total amount of goods
- D.
Secular and gay, because of modern civil rights ideas
Correct Answer
A. Protestant Christian, because o the Reformation ideas -
- 3.
Marginal utility helps to explain
- A.
Why the idea of an objective "just price" is wrong
- B.
How we make choices
- C.
The right, goodness, or justice of economic arrangements or systems
Correct Answer
B. How we make choices -
- 4.
Economic ethics deals with
- A.
Communism is biblical
- B.
Capitalism is against laissez faire economics
- C.
The right, goodness, or justice of economic arrangements or systems
Correct Answer
C. The right, goodness, or justice of economic arrangements or systems -
- 5.
In the U.S., inflationary policy is usually carried out by
- A.
The Federal Reserve
- B.
The Wealth of Nations
- C.
The Federal Reserve Bank
Correct Answer
C. The Federal Reserve Bank -
- 6.
"Equilibrium" is the economic condition (even if only very temporary) where the amount of goods
- A.
Produced equals the amount of goods the consumer buys
- B.
The way we make our choices on the budget
- C.
Offered at a given price meets the amount demanded at the same price
Correct Answer
C. Offered at a given price meets the amount demanded at the same price -
- 7.
Economic competition (among nations and individuals)
- A.
There will be one rate of profit throughout the market
- B.
Helps identify weaknessess in an economy by "weeding out" inefficient firms
- C.
There will be one price for everybody
- D.
There will be no chronic shortages
Correct Answer
B. Helps identify weaknessess in an economy by "weeding out" inefficient firms -
- 8.
"Marginal utility" is
- A.
Law of diminishing returns" only take action when additional benefits are greater than additional costs
- B.
The value the buyer places on the last unit he is willing to buy at a given price
- C.
How we make decisions
Correct Answer
A. Law of diminishing returns" only take action when additional benefits are greater than additional costs -
- 9.
The economic lesson of the Matthew 20:1-16 parable is that wages or prices
- A.
Reached freely between two parties without deceit is just
- B.
Are fair if they are agreed to beforehand
Correct Answer
A. Reached freely between two parties without deceit is just -
- 10.
"Economic justice equals equality of opportunity" means that
- A.
Equality before the law will largely maintain everyone's equal chance
- B.
Capitalism
- C.
The equality of opportunity is greater than the equality of results in that everyone has a chance to change their stars, and that is justice
Correct Answer
C. The equality of opportunity is greater than the equality of results in that everyone has a chance to change their stars, and that is justice -
- 11.
Economic risk-taking, or entrepreneurship, is
- A.
Economic risk-taking which recognizes new opportunities and acts on them
- B.
One's own responsibility
- C.
Recognizing new opportunities and acting on them
Correct Answer
C. Recognizing new opportunities and acting on them -
- 12.
The "work ethic" (historically called the Protestant work ethic)
- A.
Based on a calling from God
- B.
Dominion over God's natural resources
- C.
The only legitimate means of getting out of poverty
- D.
All of the above
Correct Answer
D. All of the above -
- 13.
The early church in Jerusalem, often cited by "Christian socialists" as communisitic, was
- A.
Qumraon
- B.
Not communistic, because sharing was voluntary, without any coercion
Correct Answer
B. Not communistic, because sharing was voluntary, without any coercion -
- 14.
Minimum wages laws
- A.
Increase in price = decrease in consumption, significant cause of greater unemployment
- B.
Least-skilled workers affected most
- C.
Racial discrimination made easier
- D.
Both a and c
Correct Answer
D. Both a and c -
- 15.
Smith's book was critical of mercantilism, which is an economic system that relies on
- A.
The prosperity of a nation is dependent upon its supply of capital and that the global volume of international trade is "unchanging"
- B.
Commercialism
- C.
Capitalism
Correct Answer
B. Commercialism -
- 16.
The main Marxist objection to division of labor or specialization of labor is
- A.
Worker alienation
- B.
Leads to workers with poorer overall skills
- C.
A lack of enthusiasim for their work
Correct Answer
A. Worker alienation -
- 17.
"Demand" is
- A.
Federal Reserve
- B.
Total amount of goods that sellers can and will offer at a given price
- C.
Desire plus willingness and ability to pay
Correct Answer
C. Desire plus willingness and ability to pay -
- 18.
Adam Smith, and 18th century advocate of division of labor, wrote a famous book called
- A.
Common Sense
- B.
Wealth of Nations
- C.
The Pride and the Predjudice
Correct Answer
B. Wealth of Nations -
- 19.
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 money as they want
- C.
All of the above
Correct Answer
C. All of the above -
- 20.
One important result of laziness, individually and societally, is avoidance of
- A.
Risk-taking
- B.
Liberation theology
Correct Answer
A. Risk-taking -
- 21.
Occupational licensing laws by states are examples of
- A.
Regulatory laws
- B.
Price control laws
- C.
Fair labor laws
- D.
Access/entry controls
Correct Answer
D. Access/entry controls -
- 22.
The profit/loss principle has the advantage of manifesting
- A.
The animal instinct
- B.
Increase and decrease bank statement
- C.
Both a and b
- D.
Dogs eat squirrels
Correct Answer
C. Both a and b -
- 23.
Minimum wage laws have the effect of creating more
- A.
Unemployment
- B.
Increasing the price of goods while decreasing purchasing power
Correct Answer
B. Increasing the price of goods while decreasing purchasing power -
- 24.
Money, in order to be a genuinely-recognized medium of exchange, should be
- A.
Divisibly, portability
- B.
Durability
- C.
Recognition and scarcity
- D.
All of the above
Correct Answer
D. All of the above -
- 25.
"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 each person performed by a different worker
Correct Answer
A. Each person does little jobs that contribute to finished products -
- 26.
In his book, Adam Smith said that the real wealth of nation was measured by
- A.
What is produced
- B.
The productivity of the people
- C.
What is consumed
Correct Answer
B. The productivity of the people -
- 27.
According to several important Christian philosophers, the cause of poverty is
- A.
The poor cause their own poverty
- B.
Overpopulation
- C.
Drugh use
- D.
All of the above
Correct Answer
D. All of the above -
- 28.
One harmful effect of inflationary policy is
- A.
Distort price signals
- B.
Underming a market economy
- C.
Diminished purchasing power
- D.
Distortion of supply and demand
Correct Answer
C. Diminished purchasing power -
- 29.
The principles of absolute and comparative advantage strongly imply that
- A.
Trade increases the welfare of its citizens
- B.
Free trade among nations is generally beneficial to everyone
Correct Answer
B. Free trade among nations is generally beneficial to everyone -
- 30.
"Capitalism" can be defined simply as
- A.
Economic freedom in the limits of "good" laws and ethics
- B.
The same as above
Correct Answer
A. Economic freedom in the limits of "good" laws and ethics -
- 31.
The one situation in which free trade would not be beneficial is when
- A.
When people have no advantage over eachother
- B.
National security is genuinely threatened by a more militaristic nation
Correct Answer
B. National security is genuinely threatened by a more militaristic nation -
- 32.
Liberation theology is a quasi-Christian idea that holds that the Bible's main theme is
- A.
Liberation from slavery
- B.
Liberation from oppression, which today is mainly economic
- C.
Liberation from tyranny
Correct Answer
B. Liberation from oppression, which today is mainly economic -
- 33.
"Economic justice equals equality of results" means
- A.
Socialism
- B.
Communism
- C.
Not capitalism
- D.
All of tha above
Correct Answer
D. All of tha above -
- 34.
Occupational licensing guarantees that
- A.
The health and safety of the public will be protected
- B.
The government will have more control over the occupational atmosphere
- C.
Entry/access controls
Correct Answer
B. The government will have more control over the occupational atmosphere -
- 35.
"Supply" is the
- A.
Total amount of goods offered for sale at a given price
- B.
High value in relationship to volume and weight
- C.
The price of goods and the ability to pay for it
Correct Answer
A. Total amount of goods offered for sale at a given price -
- 36.
A significant opposite t oa solid work ethic is
- A.
Laziness
- B.
Occupational therapy
- C.
Just dont give a darn
Correct Answer
A. Laziness -
- 37.
The general idea of division of labor comes from
- A.
Gods way
- B.
The Bible
- C.
The biblical idea that God has given gifts and talents to people
Correct Answer
C. The biblical idea that God has given gifts and talents to people -
- 38.
When people without land or capital can still produce wealth, this implies that they
- A.
Offer labor in return for pay
- B.
Still have freedom to offer their labor in return for pay
- C.
Have no pay
Correct Answer
B. Still have freedom to offer their labor in return for pay -
- 39.
"Scarcity," as the prime determiner of economic value, is
- A.
High value in relation to volume and weight
- B.
Too little of something to meet everyone's demands at no cost without somebody producing more
- C.
Medium of exchange or store of value
Correct Answer
B. Too little of something to meet everyone's demands at no cost without somebody producing more -
- 40.
If a government tries to forcibly cut production (to help producers), the result is
- A.
Prices turn toward the lowest level
- B.
Prices do not meet the cost of production
- C.
Higher prices, less consumption, and surpluses
Correct Answer
C. Higher prices, less consumption, and surpluses -
- 41.
Inflation, as a public policy, is properly defined as
- A.
A decrease in purchasing power
- B.
Rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling
Correct Answer
B. Rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling -
- 42.
Socialism in an ideology that relies on
- A.
Not only the equality of right but the equality of fact the Marxist theory
- B.
The end of private property and the expoitation of workers
- C.
Based on equity and fairness rather than market principles, centralized authority or the goodness of man
- D.
All of the above
Correct Answer
D. All of the above -
- 43.
Another economic effect of societal laziness is
- A.
Produces envy
- B.
Produces greed
- C.
Produces jealousy via redistributionary laws
- D.
All of the above
Correct Answer
D. All of the above -
- 44.
Rent control laws are an example of the regulation of
- A.
Rice
- B.
Corn
- C.
Housing availibity
- D.
Price
Correct Answer
D. Price -
- 45.
Liberal (American sense) often misuse Bible passages to show that
- A.
Capitalism is right
- B.
Capitalism is bad
- C.
Communism is bad
- D.
Communism is right
Correct Answer
B. Capitalism is bad -
- 46.
Advantages that governments try to artificially create by force are usually
- A.
Reduces trade and retards economic progress
- B.
Cost of government transfes are greater than net gain to the intended beneficiaries
- C.
Inefficient
Correct Answer
C. Inefficient -
- 47.
In 2 Kings 6, many Samarians paid large sums of money for one pint of dove's dung because
- A.
Food was scarce and they were starving
- B.
They had mental issues to deal with
Correct Answer
A. Food was scarce and they were starving -
- 48.
A liberal or socialist concept of economic justice demands
- A.
That all receive equal amounts of wealth
- B.
Positive freedom
- C.
Negative freedom
- D.
No freedom
Correct Answer
A. That all receive equal amounts of wealth -
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Current Version
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Mar 22, 2022Quiz Edited by
ProProfs Editorial Team -
May 10, 2009Quiz Created by
Libertymichf
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