Quiz 3 Flashcards
Towards the end of 2020 a vaccine for the Coronavirus was approved for distribution in the United States. Because there is a limited supply of the vaccine, the CDC recommended that “Healthcare personnel and residents of long-term care facilities should be offered the first doses of COVID-19 vaccines.” What would Brennan and Jaworski recommend as the best way to distribute the vaccine while there is a limited supply?
A. Brennan and Jaworski would promote using a market system because it encourages efficiency and innovation of other companies to enter the market and produce more of the vaccine.
B. Brennan and Jaworski would support the use of queues to distribute the vaccine because it is the most egalitarian.
C. Brennan and Jaworski would recommend the use of price control in order to ensure that the vaccine is available to everyone.
D. Brennan and Jaworski would advocate using a government rationing system in order to preserve the scarce good.
E. None of the above. Brennan and Jaworski believe that the shortage cannot be controlled.
A. Brennan and Jaworski would promote using a market system because it encourages efficiency and innovation of other companies to enter the market and produce more of the vaccine.
In writing to Governor Thomas Gage, the authors made which of the following arguments?
A. If not solved, the issue of slavery would lead to an American civil war.
B. With the threat of colonial revolution, African slaves should be given their freedom because they would use it to help English forces put down the rebellion.
C. With the current custom of slavery in place, economic recession would most assuredly result in the South.
D. The Declaration of Independence declares life, liberty, and the pursuit of happiness to all, slaves included. Thus, slavery is not consistent with the Declaration.
E. Emancipation would allow slaves to more fully serve God and follow His commandments.
E. Emancipation would allow slaves to more fully serve God and follow His commandments.
Which of the following is a criticism that William Drayton offers towards “the committee”?
A. It seeks to isolate itself from the average American and has become a machine of the aristocrats and elite.
B. It seeks to overturn the legislature.
C. It seeks to place Tories in positions of power throughout the colonies.
D. It seeks to perpetuate a culture of racism, slavery, and bigotry.
E. It seeks to usurp newly won American independence.
B. It seeks to overturn the legislature.
One of the promises in Trump’s campaign was “bringing back the jobs that businesses had shipped overseas.” At a rally in North Carolina Trump stated, “Believe me, when they say, ‘We want to send our product’ — whatever … they make — ‘We want to send our product back into the United States,’ I’d say, ‘We’d love to have your product — 35 percent tax. Let’s see if you move.” The president’s desire to encourage domestic manufacturing and discourage businesses from leaving the United States clearly mirrors which of the following?
A. Adam Smith's invisible hand B. The Intolerable Acts C. Free-Market economics D. Capitalism E. Mercantilism
E. Mercantilism
Which of the following examples most clearly demonstrates one or more of the three core principles that Sperling outlines in “Punching Steph Curry”?
A. When making decisions for their firms, executives should always remember that the core purpose of a corporation – to maximize shareholder value – is the most important priority.
B. Political or policy decisions always affect the nature of markets and competition within markets, so it is important to craft policies that encourage virtue.
C. The NBA should rewrite the rules of basketball to allow for greater physical contact between players.
D. Markets tend to self-correct, so having rules that limit or structure competition is typically unnecessary and nearly always a violation of the principles Adam Smith embraced.
E. The for-profit education industry is a shining example of how well markets can work when freed from government regulation.
B. Political or policy decisions always affect the nature of markets and competition within markets, so it is important to craft policies that encourage virtue.
