Ethics And Economics Trivia Quiz!

48 Questions | By Libertymichf | Last updated: Mar 22, 2022 | Total Attempts: 283

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Ethics And Economics Trivia Quiz! - 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!

Questions and Answers

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
20.

One important result of laziness, individually and societally, is avoidance of
- A.
  
  Risk-taking
- B.
  
  Liberation theology
21.

Occupational licensing laws by states are examples of
- A.
  
  Regulatory laws
- B.
  
  Price control laws
- C.
  
  Fair labor laws
- 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
23.

Minimum wage laws have the effect of creating more
- A.
  
  Unemployment
- 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
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