Reference no: EM13478022

1) According to Anderson, how should we view contemporary economic theories attitudes?

a. Libertarian and paretian economics suggest too few limits on what people can agree to in loan contracts, limits that promote freedom and equality.

b. Libertarian and paretian economics suggest too many limits on what people can agree to in contracts for loans creating inequality between lender and borrower.

c. Libertarian and paretian economics suggest exactly the right limits on what people can agree to in loan contracts, but get the moral reasons wrong.

d. Libertarian and paretian economics suggest too many limits on what people can agree to in contracts for loans limiting their freedom.

2) According to Anderson, which of the following best characterizes the ethical shortcoming of economic theory?

a. Economic theory does not see that the change in lending practices show greater respect for the equality and dignity of individuals under capitalism than under its predecessors.

b. Economic theory does not explain how government interference in free markets reduces the freedom and well-being of individuals.

c. Economic theory does not see how debt is a means of controlling and exploiting the poor and middle class in contemporary capitalist societies.

d. Economic theory does not see the immoral exploitation of individuals under capitalist employment relationships.

3) Which of the following is a consequence of 1-2-3 quantitative analyses of happiness has according to McCloskey.

a. It provides a sound basis for political policy because is grounded in objective science.

b. It provides a sound basis for political policy because it is impartial and treats everyone equally.

c. It undermines human dignity because the happiness of individuals cannot be compared to one another by these measures.

d. It undermines human dignity because happiness does not matter as much a moral character.

4) According to Locke, which of the following is not a restriction a on property rights in the state of nature?

a. We can only take property from nature through labor, i.e. we cannot simply claim ownership without labor

b. That we cannot choose to exchange property because there is no currency in the state of nature

c. We cannot own more than we can use without it spoiling, this prevents hoarding or destruction of common resources

d. We must leave enough and as good for others, because common stocks are owned by all

5) According to Locke, legitimate laws do not conflict with our freedom, because of which of the following reasons?

a. They do not coerce individuals

b. They do not involve taxation or taking people's property

c. The laws promote the common good

d. Government exists through the consent of the governed