Quiz 1: Fundamentals of Micro, Supply and Demand

Question 11 pts
Which of the justices is the foundation for the other justices?
Group of answer choices

Commutative Justice

Distributive Justice

General Justice

Legal Justice

Solidarity

Flag question: Question 2

Question 21 pts
Which of the justices “obliges strictly; it requires safeguarding property rights, paying debts, and fulfilling obligations freely contracted?”
Group of answer choices

Commutative Justice

Legal Justice

Solidarity

General Justice

Distributive Justice

Flag question: Question 3

Question 31 pts
______________ is the justice that regulates what the community owes its citizens in proportion to their contributions and needs.
Group of answer choices

Distributive Justice

Solidarity

Subsidiarity

Social Justice

Commutative Justice

Flag question: Question 4

Question 41 pts
Which word is defined as “a community of a higher order should not interfere in the internal life of a community of a lower order, depriving the latter of its functions, but rather should support it in case of need and help to co-ordinate its activity with the activities of the rest of society, always with a view to the common good.”
Group of answer choices

Subsidiarity

Solidarity

Distributive Justice

Legal Justice

Social Justice

Flag question: Question 5

Question 51 pts

Which word is defined as, “a legal order and normative ideal within a society by which individuals and their various associations are given the maximum range of liberty in pursuit of their proper ends, with a minimum of interference from superior authorities, i.e., only to the extent necessary to orient general activity towards the common good, and governed by the principles of conflicting rights, prudence, and, ultimately, of charity.”

 

And

 

“The virtue that inclines one to co-operate with others in order to help make the institutions of society better serve the common good. While the obligation of social justice falls upon the individual, that person cannot fulfill the obligation alone, but must work in concert with others, through organized bodies, as a member of a group whose purpose is to identify the needs of society, and, by the use of appropriate means, to meet these needs locally, regionally, nationally, and even globally.”

Group of answer choices

Social Justice

Distributive justice

Subsidiarity

Solidarity

Commutative Justice

Flag question: Question 6

Question 61 pts
Which justice(s) is the same as Social Justice? (There may be more than one answer).
Group of answer choices

Legal Justice

Commutative Justice

Solidarity

Distributive Justice

General Justice

Flag question: Question 7

Question 71 pts
A spontaneous order is a(n) ___________
Group of answer choices

unplanned order

planned order

order designed by the human mind

socialist economy

Flag question: Question 8

Question 81 pts
A socialist economy is an example of a(n) _________
Group of answer choices

planned order

unplanned order

spontaneous order

the principle of subsidiarity

Flag question: Question 9

Question 91 pts
The collective or governmental ownership and administration of the means of production and distribution of goods is called:
Group of answer choices

Socialism

Capitalism

Fascism

Corporatism

Monopolistic Competition

Flag question: Question 10

Question 101 pts
Utility is the technical term used in economics to describe happiness, satisfaction or contentment. It is the telos or ultimate end of human action.
Group of answer choices

True

False

Flag question: Question 11

Question 111 pts
Where do economic means acquire their value?
Group of answer choices

The end of which the means is meant to attain.

Their objective value

Their scarcity

Their cost of production

The amount of labor required to produce the means

Flag question: Question 12

Question 121 pts
Economics and praxeology study
Group of answer choices

The formal implications of the fact that men use means to attain various chosen ends

What man’s ends are and have been, and how man has used means in order to attain them

How to use means to arrive at ends

What men’s ends should be

Why men choose various ends

Flag question: Question 13

Question 131 pts
An opportunity cost is
Group of answer choices

The next best alternative forgone

The summation of costs forgone

The aggregate of all alternative costs

Why we cannot achieve all our opportunities

An objective cost

Flag question: Question 14

Question 141 pts
The marginal cost is
Group of answer choices

The opportunity cost

The summation of costs forgone

The aggregate of all alternative costs

An objective cost

An absurd notion from classical economics

Flag question: Question 15

Question 151 pts
Which is the best definition of Methodological Individualism?
Group of answer choices

Only persons choose and act, thus the foundation of economic analysis begins with the individual.

Ethical individualism promoting individual liberty and autonomy

Hedonism and self-interest

We methodically study the individual

Flag question: Question 16

Question 161 pts
“The law of returns states that with the quantity of complementary factors held constant, there always exists some optimum amount of the varying factor.” Which concept is the necessary implication of the definition above.
Group of answer choices

There is a maximum production point

Constant Returns to Scale

Increasing Returns to Scale

Decreasing Returns to Scale

There is a minimum production point

Flag question: Question 17

Question 171 pts
Aristotle’s mistake, which survived in some form for millennia, was his understanding of value theory where
Group of answer choices

Only goods of equal value could be exchanged

Only goods of unequal value could be exchanged

Where the subjective evaluations of the goods determined the value

No answer text provided.

Flag question: Question 18

Question 181 pts
Subjective theory of value implies
Group of answer choices

That all prices in the market result from consumer and producer preference

That all prices in the market are equal to the costs of labor

That all prices in the market are equal to the costs of labor, capital, and nature

That market prices are oppressing the proletariat

That all prices are a result of objective and inherent qualities of the good

Flag question: Question 19

Question 191 pts
What causes a movement of the demand curve, i.e. what causes a shift of the demand curve? (Multiple answers possible)
Group of answer choices

Change in expectations

Change in preferences

Change in income

Change in the number of buyers

Change in the price of related goods

Change in technology

Change in production costs

Change in the number of sellers

Flag question: Question 20

Question 201 pts
What causes a movement of the supply curve, i.e. what causes a shift of the supply curve? (Multiple answers possible—you may circle multiple answers)
Group of answer choices

Change in technology

Change in production costs

Change in expectations

Change in the number of sellers

Change in preferences

Change in income

Change in the number of buyers

Change in the price of related goods

Flag question: Question 21

Question 211 pts
The law of Demand states that there exists:
Group of answer choices

An inverse relationship between the relative price of the good and the quantity of that good demanded.

A direct positive relationship between the relative price of the good and the quantity of that good supplied.

An inverse relationship between the relative price of the good and the quantity of the good supplied.

A direct positive relationship between the relative price of the good and the quantity of that good demanded.

A direct positive relationship between the relative price of the good and the supply.

Flag question: Question 22

Question 221 pts
An example of complementary goods would be Coke and Pepsi.
Group of answer choices

True

False

Flag question: Question 23

Question 231 pts
An example of substitute goods would be a left and right shoe.
Group of answer choices

True

False

Flag question: Question 24

Question 241 pts

Comparative and Absolute advantage:

 

Assume Crusoe and Friday wish to maximize their production.

 

1 Coconut                  1 Fish

Crusoe            20 min                        20 min

Friday             30 min                        25 min

Who has the absolute advantage?

Group of answer choices

Crusoe

Friday

Flag question: Question 25

Question 251 pts

Comparative and Absolute advantage:

 

Assume Crusoe and Friday wish to maximize their production.

 

1 Coconut                  1 Fish

Crusoe            20 min                        20 min

Friday             30 min                        25 min

Looking at comparative advantage, who would produce what?

Group of answer choices

Crusoe will produce coconuts and Friday will produce fish

Crusoe will produce fish and Friday will produce coconuts

Flag question: Question 26

Question 261 pts
Why is barter inefficient?
Group of answer choices

the need for a double coincidence of wants

It isn’t inefficient relative to monetary exchange

One money is more efficient than 5 monies

Because production of so many goods for money is too difficult

Flag question: Question 27

Question 271 pts
When does exchange occur?
Group of answer choices

When you prefer the good that I have, and I prefer the good that you have.

When the objective value of the good is higher than the sale price

When the cost of production is less than the sale price

When the two goods are worth the same amount

Flag question: Question 28

Question 281 pts
Cell phones are discovered to cause cancer, what happens to the supply OR demand for cellphones?
Group of answer choices

The demand for cell phones shifts leftward

The demand for cell phones shifts rightward

The supply for cell phones shifts leftward

The supply for cell phones shifts rightward

Flag question: Question 29

Question 291 pts
The price of Pepsi increases, what happens to the supply OR demand curve for Coke?
Group of answer choices

the demand curve shifts rightward

the demand curve shifts leftward

the supply curve shifts leftward

the supply curve shifts rightward

Flag question: Question 30

Question 301 pts
Milk becomes cheaper, an input for butter.  What happens to the supply OR demand curve for butter?
Group of answer choices

The supply curve shifts rightward/outward

The supply curve shifts leftward/inward

The demand curve shifts rightward/outward

the demand curve shifts leftward/inward

Flag question: Question 31

Question 311 pts
The price of peanut butter increases, what happens to the demand OR supply curve of jelly?  (Think of a peanut butter jelly sandwich)
Group of answer choices

The demand curve shifts leftward/inward

The demand curve shifts rightward/outward

The supply curve shifts leftward/outward

The supply curve shifts rightward/inward

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