ECONOMICS EXAM ONE UPDATED
STUDY GUIDE WITH QUESTIONS AND
ANSWERS | GRADED A+ |
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Updated 2026 Questions and Answers | 100% Verified
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, Anarchists doubt the government is essential or think it can be replaced entirely by the market
Totalitarians would have government control the production and distribution of goods, and would,
therefore, displace the market with central planning
Greco-Roman and Judeo-Christian Traditions In this framework, economics is not an autonomous study or discipline; rather, it is
subordinate to moral and philosophical truths which do not simply exist to promote some
version of economics. Nor is the government supposed to be omnipotent or omni-
competent to deal as it will and direct all human affairs. Thus, doctrine of limits came to
be.
Doctrine of Limits Man is a limited and fallible creature, that all of his organizations, institutions, and
structures are affected by these limitations; that the power and sway of anything must be
limited; that government , above all, must be severely limited.
- all things man creates is limited and therefore, government should be limited
Levels of Reality - there are three: physical, metaphysical, and spiritual
1) In the physical level of reality, knowledge comes by the senses and the duration is
always changing.
2) In the metaphysical world, knowledge comes by reason and the duration is enduring.
3) In the spiritual level of reality, knowledge comes by revelation or faith and the duration
is eternal.
Natural Law - theistic view: God has given us boundaries, there is right and wrong, there is truth
- natural law is the moral foundation base of economic thought
- if you want something, you have to produce it, trade for it, or you buy it
Gives form and order to actual classes of physical beings, the structural part of reality.
Absolute Truth.
Self-Evident These laws (like natural law) come to our knowledge either because they are self-evident
or by reason.
Inductive Reasoning When something is discovered or proved by numerous instances.
Deductive Reasoning When the reasoner moves from an already established position to one which follows
logically from it, but is not otherwise know.
STUDY GUIDE WITH QUESTIONS AND
ANSWERS | GRADED A+ |
GUARANTEED SUCCESS
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
, Anarchists doubt the government is essential or think it can be replaced entirely by the market
Totalitarians would have government control the production and distribution of goods, and would,
therefore, displace the market with central planning
Greco-Roman and Judeo-Christian Traditions In this framework, economics is not an autonomous study or discipline; rather, it is
subordinate to moral and philosophical truths which do not simply exist to promote some
version of economics. Nor is the government supposed to be omnipotent or omni-
competent to deal as it will and direct all human affairs. Thus, doctrine of limits came to
be.
Doctrine of Limits Man is a limited and fallible creature, that all of his organizations, institutions, and
structures are affected by these limitations; that the power and sway of anything must be
limited; that government , above all, must be severely limited.
- all things man creates is limited and therefore, government should be limited
Levels of Reality - there are three: physical, metaphysical, and spiritual
1) In the physical level of reality, knowledge comes by the senses and the duration is
always changing.
2) In the metaphysical world, knowledge comes by reason and the duration is enduring.
3) In the spiritual level of reality, knowledge comes by revelation or faith and the duration
is eternal.
Natural Law - theistic view: God has given us boundaries, there is right and wrong, there is truth
- natural law is the moral foundation base of economic thought
- if you want something, you have to produce it, trade for it, or you buy it
Gives form and order to actual classes of physical beings, the structural part of reality.
Absolute Truth.
Self-Evident These laws (like natural law) come to our knowledge either because they are self-evident
or by reason.
Inductive Reasoning When something is discovered or proved by numerous instances.
Deductive Reasoning When the reasoner moves from an already established position to one which follows
logically from it, but is not otherwise know.
