Economics (Week 10 Test)

Question 1(1 point)

The owner/founder/manager of a firm is often referred to as:

Question 1 options:

1. An economist
2. An entrepreneur
3. A capitalist
4. A registered representative
5. None of the above

Question 2(1 point)

I own a bicycle factory in Dayton, Ohio. In the production of my bikes, my employees often use a paint sprayer. Which factor of production is a paint-sprayer?

Question 2 options:

1. Entrepreneurial Skills
2. Glazier
3. Labor
4. Capital
5. Land

Question 3(1 point)

In that same factory, I employ people to use these paint-sprayers. Which factor of production does their work fall under?

Question 3 options:

1. Glazier
2. Labor
3. Land
4. Capital
5. Entrepreneurial Skills

Question 4(1 point)

A very early use of the word "entrepreneur" is attributed to:

Question 4 options:

1. John Maynard Keynes
2. John Bates Clark
3. George Gilder
4. Jean-Baptiste Say
5. John Francis Clark

Question 5(1 point)

From the perspective of morality, the quality of putting one's own money at risk to operate a company and pay workers a just wage is sometimes called:

Question 5 options:

1. Munificence
2. Demand-side economics
3. Sloth
4. Eutrapelia
5. Thomism

Question 6(1 point)

According to Pope Saint John Paul II, in the physical world, "man's principal resource is ."

Question 6 options:

1. Gold bullion
2. A garden
3. Himself
4. Land
5. Capital

Question 7(1 point)

Which of the following is NOT considered an entrepreneurial skill?

Question 7 options:

1. The ability to manage other efficiently
2. The ability to foresee market conditions
3. The willingness to assume risk
4. The ability and willingness to form monopolies
5. The ability to incorporate relevant information for his firm's benefit

Question 8(1 point)

A French economist famously used an example to illustrate that "destruction is not profitable." What is this famous example called?

Question 8 options:

1. Tu quoque fallacy
2. The winter war fallacy
3. The straw man fallacy
4. The broken door fallacy
5. The broken window fallacy

Question 9(1 point)

Who of the following is credited with developing the "Broken Window" fallacy?

Question 9 options:

1. Frederic Bastiat
2. Jean-Paul Sartre
3. Jean Jacques Rousseau
4. Mike Bastiat
5. The author was anonymous

Question 10(1 point)

Which of the following is an example of "destruction benefitting everyone."

Question 10 options:

1. Famine
2. War
3. Widespread Plague
4. Earthquake
5. None of the above

Question 11(1 point)

We can use the word "creation" in two senses: a theological sense or an economic sense. According to the Catholic Encyclopedia, what is creation in the theological sense?

Question 11 options:

1. Improving on existing matter
2. The act whereby God brings the entire substance of a thing into existence from a state of non-existence
3. The act of destroying non-existence
4. The process of changing things over a long period of time
5. None of the above

Question 12(1 point)

In theeconomicsense, what is creation?

Question 12 options:

1. Improving on existing matter
2. The act whereby God brings the entire substance of a thing into existence from a state of non-existence
3. The act of destroying non-existence
4. The process of changing things over a long period of time
5. None of the above

Question 13(1 point)

Which of the following is the best example of a raw material?

Question 13 options:

1. A microchip
2. A smartphone
3. A bamboo plant
4. A computer
5. A car

Question 14(1 point)

Which is the best example of a finished material?

Question 14 options:

1. A bamboo plant
2. Water
3. A hummingbird
4. A television
5. An oak tree

Question 15(1 point)

According to the catechism, "Everyone has the right of __; everyone should make legitimate use of his talents to contribute to the abundance that will benefit all and to harvest the just fruits of his labor."

Question 15 options:

1. Forming a monopoly
2. Economic initiative
3. Cheating customers
4. Underpaying employees
5. Complete autonomy

Question 16(1 point)

One common economic FALLACY that is regularly taught on college campuses is that:

Question 16 options:

1. Underpopulation limits creativity
2. Overpopulation hurts economies
3. Supply creates demand
4. People are economically creative
5. Everyone has a right to economic initiative