1.2.3 Module 1, Quiz 1: Economics
According to Madison, governments are not just, nor property secure under it when
All of these are correct.
The Axiological dilemma deals with what life-question in a final way?
Axiology attempts to deal with issues of ultimate value.
James Madison quotes from Sir William Blackstone's Commentaries on the Laws of England and specifically that section which established the origin of property from Genesis 1:28. Which of the following does NOT model Blackstone's use of this passage?
Blackstone understood Genesis 1:28 as God granting man the authority to do whatever he wanted with creation. Though God created, he left his creation to man to dispose of in whatever manner he saw fit.
According to COR, what is Economics?
Economics is the study of the principles and methods of allocating scarce resources to achieve optimal production, distribution, and consumption of wealth.
The Epistemological dilemma deals with what life-question in a final way?
Epistemology asserts ultimate answers to the question "How can I know what is true?"
Where does the right to the ownership of private property originate, and which British common law recognized this?
Its origination is recorded in Genesis 1:28: God establishes a general grant of dominion to all mankind and can lawfully do so because He owns all the earth.
All worldviews must answer four philosophical dilemmas, each of which addresses a life concern in a final way. What does the Ontological question attempt to address in a final way?
Ontology attempts to provide final answers to questions of origins, or the ground of being and existence.
Which of the following is incorrect, biblically, in regards to the nature, definition, or characterization of property?
Property, properly speaking, can be isolated to the ownership of external, tangible, and taxable things.
The Teleological dilemma deals with what life-question in a final way?
Teleology attempts to provide final answers to questions of purpose and destiny.
What is meant by the phrase "institutional structure and procedure of life"?
The "institutional structure and procedure of life" is the total societal and relational expression of answers to all the basic questions in life.
Which of the following best identifies the economic term alternative uses?
This term means that available resources have innumerable uses.
Which economic system rewards people according to the intelligence, creativity, and diligence of their work?
free-market system
What is the Biblical perspective on economics?
freedom of enterprise and righteous stewardship of private property
Underlying the Christian view of economics is
man made in God's image.
According to Sowell, which of the follow best summarizes the study of economics?
the use of scarce resources which have alternative uses