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WorksheetsWeek 2, 22-23
Total questions: 18
Worksheet time: 14mins
According to Mises, Human Action is
Advanced Behavior
Purposeful Behavior.
Accidental Behavior
Any Behavior
Rational behavior means taking the ________________ steps to achieve a goal.
most popular
most efficient
most moral
most difficult
Which of these people can't be rational?
A criminal
An unhealthy person
Mr. León
An insane person
When individuals have goals to satisfy ourselves, it means our behavior is _________________.
primarily self-interested
only self-interested
selfish
justified
Individualism in economics means __________
we are self-reliant.
we share characteristics of groups.
we are lone wolves.
we think and act for ourselves.
Who created the Labor theory of property?
Mises
Locke
Menger
Marx
Labor theory of property states that we need to mix our labor with __________ to get new private property.
wood
unclaimed stuff
natural stuff
other people
Private property owners have the right to __________ based on any reason.
unclude
preclude
exclude
intrude
The only exception to the right to exclude in the U.S.A. occurs when private property is ____________.
closed to the public
members only
actually public property
open to the public
In the U.S., private property owners of stores and restaurants can't exclude based on _________.
race and religion
health precautions
violent behavior
public safety
Who owns Tropical Park?
State of Florida
Miami Dade County
The People
No One.
Can any public property be closed to the public?
Yes, all public property forbids foreigners.
No, all public property is open to us.
Yes, depending on the purpose of the property.
No, only private property can exclude.
John Locke's Labor theory of Value states _____________.
value depends on what we think.
value is determined by governments.
value is determined by markets.
value is determined by the amount of work put in to produce.
Which of these is not considered an ingredient in human labor?
Time
Skills
Physical Intensity
Effort
Carl Menger states that value is __________.
projective
subjective
objective
protective
Every time a trade or transaction occurs, ____________.
both sides gain, but one side gains more
the worker receives only a fraction of the value they deserve
one side gains, the other loses
both sides gain because they traded something they value less for something they value more.
In "The Lesson", Henry Hazlitt argues that there's only one lesson in economics. What is it?
Always buy low and sell high.
Invest while you're young to build wealth.
Ignore the long term consequences of decisions.
Focus on both short and long term effects, and effects on all groups.
In Chapter 2 of Economics in One Lesson "The Broken Window", what does the crowd NOT understand?
They don't understand how sometimes damage is good for an economy because it creates jobs.
They don't understand that damage is never good for an economy even if it creates jobs.
They don't understand why the baker was so upset.
They don't understand how anyone could eat vegan baked goods.
