LUOA Economics Final UPDATED Exam Questions and CORRECT Answers
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LUOA Economics
Institution
LUOA Economics
LUOA Economics Final UPDATED Exam
Questions and CORRECT Answers
All worldviews must answer for philosophical dilemmas, each of which address a life
concern in a final way. What does the ontological question attempt to address a final way -
CORRECT ANSWER- Ontology attempts to provide final an...
LUOA Economics Final UPDATED Exam
Questions and CORRECT Answers
All worldviews must answer for philosophical dilemmas, each of which address a life
concern in a final way. What does the ontological question attempt to address a final way -
CORRECT ANSWER- ✔✔Ontology attempts to provide final answers to the question of
origins, lr the ground of being and existence
The app is molded you call the limo deals with what life question in a final way? -
CORRECT ANSWER- ✔✔Epistemology contains ultimate answers to the question "how can
I know what is true"
The Axiological dilemma deals with what life-question in a final way? - CORRECT
ANSWER- ✔✔Axiology attempts to deal with issues of ultimate value.
The teleological dilemma deals with what life question in the final way? - CORRECT
ANSWER- ✔✔Teleology attempts to provide answers to question of purpose and destiny
What is meant by the phrase "institutional structure and procedure of life" - CORRECT
ANSWER- ✔✔The "institutional structure and procedure of life" is the total societal and
relational expression of answers to all the basic questions in life
The underlying Christian view of economics is: - CORRECT ANSWER- ✔✔Man is made in
God's image
Which of the following represents fundamental reason as to why all poverty relief programs
that create or perpetuate dependence, reward sloth, or level those who work hard along with
those hardly work at all? - CORRECT ANSWER- ✔✔Such poverty programs do not actually
enable recipients to exercise godly dominion,
This is because such programs strike at the heart of what it means to be human - to bear the
image of God,
Typically, such programs focus too much on the power and prestige of the givers and
benefactors who have a tendency to dominate and oppress recipients
,Which economic system rewards people according to the intelligence, creativity, and
diligence of their work? - CORRECT ANSWER- ✔✔Free market system
Which of the following is not a moral criteria of the free market or a necessary part of the
ethical foundations of economics? - CORRECT ANSWER- ✔✔Good intentions
According to the COR, what is Economics - CORRECT ANSWER- ✔✔Economics is the
study of the principles and methods of allocating scarce resources to achieve optimal
production, distribution, and consumption of wealth.
Where does the right to the ownership of private property originate, and which British
common law recognized? - CORRECT ANSWER- ✔✔It's 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.
Which of the following is incorrect, biblically, in regards to the nature, definition, or
characterization of property? - CORRECT ANSWER- ✔✔Property, properly speaking, can
be isolated to the ownership of external, tangible, and taxable things.
In considering a biblical world view statement on property which of the following affirms the
ownership of property from the scriptures. - CORRECT ANSWER- ✔✔The ownership of
property assumes that one is Stuart property as accountable to God,
The ownership of property appears to result from the recipient of an inheritance or gifts,
The ownership of property appears to be a just reward for labor,
The ownership of property cannot be conducted through government coercion.
All of these are correct.
What is covetousness? - CORRECT ANSWER- ✔✔Covetousness is the inordinate longing
for the wealth of others and its gain through unjust means.
Fill in the appropriate blanks:
, The principle of property, linked to individuality, issued fourth in an equality of civil
protection for liberty of______and the necessary freedoms to pursue______and religious
duties owed to God and neighbor. Such duties include charity and private philanthropy. -
CORRECT ANSWER- ✔✔Conscience
Moral
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? - CORRECT
ANSWER- ✔✔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 Madison, what sort of property is considered to be most valuable? - CORRECT
ANSWER- ✔✔According to Madison, the most sacred form of property is a man's
conscience
According to Madison, governments are not just, nor property secure under it when: -
CORRECT ANSWER- ✔✔Governments impose arbitrary restrictions, exemptions, and
monopolies and consequently deny citizens the free use of their internal property,
Governments do not respect the rights of property and property in rights,
Governments apply on equal taxes to reward one type of property and press another,
Governments arbitrarily seize property to give to others.
All of these are correct.
According to Madison, what is the primary purpose of the civil government? - CORRECT
ANSWER- ✔✔The primary purpose of Government is the protection of man's property in
both its external and internal forms, a men's rights relative to his property and the property a
man has in his rights.
What is the biblical perspective on economics - CORRECT ANSWER- ✔✔freedom of
enterprise and righteous stewardship of private property
Which of the following best identifies the economic term alternative uses? - CORRECT
ANSWER- ✔✔This term means that available resources have innumerable uses.
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