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Penny Candy Quiz #1 With Answers

The document discusses various economic concepts including the law of supply and demand, specialization of labor, definitions of wealth and juris naturalism, and how the US government is financed through taxation. It asks the reader questions about these topics and asks for their favorite essay from assigned readings and why.

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HenryDurand
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342 views1 page

Penny Candy Quiz #1 With Answers

The document discusses various economic concepts including the law of supply and demand, specialization of labor, definitions of wealth and juris naturalism, and how the US government is financed through taxation. It asks the reader questions about these topics and asks for their favorite essay from assigned readings and why.

Uploaded by

HenryDurand
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Whatever Happened to Penny Candy?

Quiz #1

1. The author of Whatever Happened to Penny Candy? discloses his viewpoint


as juris naturalism. How does he define this belief?

The belief in a natural law that is higher than any government's law.

2. Explain the law of supply and demand. You may use an illustration similar to
the one we drew in class.

a. If supply decreases or demand increases, the price tends to rise, other


things being equal.
b. If supply increases or demand decreases, the price tends to fall, other
things being equal.

3. What is specialization of labor?

Specialization of labor is a powerful force in an economy, benefiting small and


large businesses alike. Workers produce more when they occupy specialized
roles, so businesses can offer higher quality products at lower prices. For
example, a car assembly line.

4. What is wealth?

The good and services people produce. It is NOT money. Money is the tool we
use to trade wealth.

5.How is the government of the United States financed?

Taxation.

Bonus: What was your favorite essay from the hand-out/emails?

Why was it your favorite?

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