Scribd Logo
Upload

Welcome to Scribd!

  • 16 views

    Quiz 1 (Ucla)

    Uploaded by

    head.strongliu

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Quiz 1 (Ucla)

    Uploaded by

    head.strongliu
    16 views5 pages

    Original Title

    QUIZ 1 (UCLA) (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views5 pages

    Quiz 1 (Ucla)

    Uploaded by

    head.strongliu

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    ECON XL 2

    Principles of Economics: Macroeconomics


    Professor Daron O. Djerdjian

    Quiz/Essay Questions 1
    “Human Action, State of Nature, and Human
    Nature”
    7 points

    Name: ______________________
    I. Multiple-Choice Questions (1/2 point each)

    1. Human action is primarily:


    a) Instinctual
    b) Random
    c) Purposeful
    d) Involuntary

    2. The principle that "only individuals act" suggests that:


    a) Groups are irrelevant
    b) Society has no agency
    c) Collective action is impossible
    d) Individuals are selfish

    3. The primary purpose of human action is to:


    a) Maximize profits
    b) Achieve homeostasis
    c) Benefit society
    d) Follow instincts

    4. How does our discussion of the "state of nature" relate to the emergence
    of economic systems?
    a) It justifies central planning as necessary for order.
    b) It explains the origin of fiat money (government-authorized currency).
    c) It demonstrates why autarky is optimal.
    d) It shows how scarcity drives societal cooperation.

    5. Human action is considered rational because:


    a) It always leads to the best possible outcome for everyone involved.
    b) It involves cognitive processes of assessment and decision-making.
    c) It is based on perfect information and foresight.
    d) It follows a predetermined set of universal rules.
    6. The concept of self-interest in human nature:
    a) Is essential for human preservation and survival.
    b) Is a flaw that must be overcome for societal progress.
    c) Is thought to be a recent development in human evolution.
    d) Is irrelevant to economic analysis and market outcomes.

    7. The study of aggregate concepts like GDP and inequality:


    a) Should be the primary focus of economic analysis.
    b) Is crucial for understanding individual economic behavior.
    c) Provides the most accurate picture of economic realities.
    d) May be more suitable for bureaucratic management studies rather than
    economics.

    8. According to our lecture, economics is best described as:


    a) The study of monetary systems and financial markets.
    b) The analysis of government policies and their impact on society.
    c) The investigation of how self-interested individuals coordinate
    through markets.
    d) The examination of wealth distribution and social inequality.
    II. Essay Question: (2 points)

    You have been granted an audience with Thomas Hobbes, Adam Smith, and
    Friedrich A. Hayek to explain 21st-century market economies: Using our lecture's
    framework, how would you synthesize their ideas (respectively: state of nature,
    invisible hand, spontaneous order) to illuminate the foundations of modern
    economic theory? Discuss how self-interest and rationality shape this perspective,
    and consider its implications for our understanding of economic behavior,
    institutions, and policy.
    III. Short-Answer Question: (1 point)

    Explain the concept of "methodological individualism" in economics as implied by


    the statement "only individuals act." How does this principle influence economic
    analysis, and what are its implications for understanding market phenomena?

    You might also like