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ECON 301 Midterm Questions & Answers | Questions with 100% Correct Answers | Updated & Verified

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Which of the following ethical approaches assumes the principle of egoism for moral decision making? A. deontology B. legalism C. libertarianism D. Utilitarianism - D. Utilitarianism What foundational papal encyclical from 18891 ushered in the modern documentary tradition of Catholic Social Teaching? A. Mater et magistra B. Rerum Novarum C. Pacem in Terris D. Popolurum progresio - B. Rerum Novarum What does Schumacher term the necessary two-part study of human beings and the environment from which economics must draw its aims, objectives and methodology? A. ecology B. anthropology C. meta-economics D. proto-economics - c. meta-economics According to Schumacher, when examining economies of scale and industrial organization, there appears to be a need for creative tension between what two values? A. freedom and order B. capitalism and socialism D. individualism and communitarianism D. profit and charity - A. freedom and order

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