Economics (Week 16 Worksheet)

Question 1(1 point)

What is "autarky"?

Question 1 options:

A. A reliance on everything around you

B. Self-sufficiency

C. A democracy gone bad

D. A monarchy gone bad

E. A government with only one ruler

Question 2(1 point)

A total ban on the importation of a product is called:

Question 2 options:

A. Automation

B. Monetization

C. An embargo

D. A tariff

E. Anarchy

Question 3(1 point)

The famous trade law attributed to David Ricardo is called:

Question 3 options:

A. Say's Law

B. The Law of Diminishing Returns

C. The Law of Inflation

D. The Law of One Price

E. The Law of Comparative Advantage

Question 4(1 point)

Which of the following was perhaps the most famous tariff act in American history?

Question 4 options:

A. The Hoover Tariff Act

B. The Smoot-Hawley Tariff Act of 1930

C. The Total Tariff and Embargo Act

D. The American Tariff Act

E. NAFTA

Question 5(1 point)

What does "IMF" stand for?

Question 5 options:

A. International Monetary Foundation

B. International Monetary Freedom

C. Internal Monetary Foundation

D. International Money Financiers

E. International Monetary Fund

Question 6(1 point)

What is thebestdefinition of free trade?

Question 6 options:

A. The absence of legal restrictions in trade

B. When people trade stuff for free

C. When the governments impose tariffs on each other

D. When local production is favored by means of tariffs

E. None of the above

Question 7(1 point)

In 2004, the Pontifical Council for Justice and Peace issued a book that contains much of the social justice teaching of the Catholic Church. What is it called?

Question 7 options:

A. Rerum Novarum

B. The Compendium of the Social Doctrine of the Church

C. The Commentary of the Sentences

D. The Catechism of the Catholic Church

E. The Catechism of the Council of Trent

Question 8(1 point)

According to theCompendium,economic sanctions are:

Question 8 options:

A. Never morally permissible

B. Always morally permissible

C. Sometimes morally permissible

D. Need not be considered from the aspect of morality

E. None of the above

Question 9(1 point)

According to Pope Saint John Paul II, what effect do international trade restrictions tend to have on the poor?

Question 9 options:

A. He said that restrictions tend to help the poor tremendously

B. He said that restrictions tend to help the poor get better employment

C. He said it was not clear what effect restrictions has on the poor

D. He says restrictions tend to have a very detrimental effect on the poor

E. None of the above

Question 10(1 point)

Two hundred years ago, what term did people often use for the field we now call "economics"?

Question 10 options:

A. Metaphysics

B. The Laffer Curve

C. Political economy

D. Capitalism

E. Philosophy

Question 11(1 point)

TheWorld Bankand theInternational Monetary Fundare arms of what organization?

Question 11 options:

A. Bank of America

B. The British Parliament

C. The U.S. Government

D. The United Nations

E. The European Union

Question 12(1 point)

What president signed the Smoot-Hawley Tariff Act into law?

Question 12 options:

A. Teddy Roosevelt

B. Franklin D. Roosevelt

C. Barack Obama

D. Ronald Reagan

E. Herbert Hoover

Question 13(1 point)

What year was economist Frederic Bastiat born?

Question 13 options:

A. 1450

B. 1801

C. 1850

D. 1959

E. 1970

Question 14(1 point)

How much of the United Nations' income comes from the United States?

Question 14 options:

A. None of it

B. Less than 5%

C. More than 20%

D. Exactly 50%

E. All of it

Question 15(1 point)

A tax (or duty) on imported goods is called a:

Question 15 options:

A. Tariff

B. Embargo

C. Dividend

D. Monetization

E. None of the above

Question 16(1 point)

According to theCompendium: "Sanctions must never be used_____."

Question 16 options:

A. By any state for any reason

B. As a means for the direct punishment of an entire population

C. Without prior authorization of a governing power

D. Without first recourse to the United Nations

E. None of the above