project WORLDVIEW     copyright 2021         Home   this test is part of the Worldview Literacy & Emotional Intelligence course   

Self Test on Knowledge Associated With Worldview Theme #19

Respond to each of the 10 multiple choice questions below by typing the number 1 to 5 of the answer you wish to select in the response box. When finished, click "process your responses".

1.  All of the following are most naturally linked together except     

1) scarcity            2) egoism      

3) competition      4) opportunity cost         5) rationing  

2.  Which of the following associations is wrong?

1) productivity / input per unit of output

2) invisible hand  /  sort of a conscience guiding market

3) factors of production / labor, land, capital

4) public goods/ not allocated by market

5) economic systems / capitalism, socialism

3. The phrase “without government restraint” might be part of the definition of which of the terms below? 

1) capitalism    2) macroeconomics    3) laissez faire

4) invisible hand        5) corporation 

4.   Which of the following words is linked to a secret agreement?

1) collusion        2) monopoly        3) end of game strategy

4) zero sum game        5) subsidy

5. The phrase “added satisfaction gained by additional consumption” might be part of the definition of which of the terms below? 

1) utility    2) marginal utility    3) marginal propensity to consume

4) market economy        5) money

6.   Which of the following is most focused on and most philosophically in tune with the philosophy of individualism as it relates to economics?

1) microeconomics    2) macroeconomics    3) wage and price controls

4) non-economic variables    5) public goods

7.  Which of the following provides a defense or offers rebuttal to those who would attack the excesses of modern capitalism?

1) financial literacy education        2) the zero sum game concept

3) microeconomics     4) laissez faire        5) Social Darwinism

8. Which of the following beliefs would be expected from someone for whom the Economic Individualism worldview theme is a key component of their overall worldview ?

1) large profits are not morally justifiable   

2) supply & demand isn't good price setting mechanism

3) government should protect private property rights

4) government should take the lead in controlling wages and prices

5) government should favor the common good over individual rights 

9.  A belief that you would not expect someone for whom the Economic Individualism worldview theme is a key component of their overall worldview to hold would be that competition 

1) promotes efficiency    2) stimulates people to work hard

3) fosters innovation   4) leads to risk taking    5) brings out the worst in people

10.  Theoretical understanding of the free market system is based on which of the following?

1) market agents behaving irrationally    

2) market agents cooperating       3) reciprocal altruism       

4) prices fluctuating based on supply & demand

5) mutualism

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