GOVT 200 - Part 1
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GOVT 200 Economics
- 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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