One Question That Arises When Determining for Whom Goods and Services

question 118

Multiple Choice

One question that arises when determining for whom goods and services should be produced is:

• A) Who gets how much of the economic pie?
• B) How can we import more goods for domestic consumption?
• C) How can we reduce exports so as to leave more goods for domestic consumption?
• D) Should society outlaw child labor?

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Definitions:

Flappers

Young women of the 1920s whose rebellion against prewar standards of femininity included wearing shorter dresses, bobbing their hair, dancing to jazz music, driving cars, smoking cigarettes, and indulging in illegal drinking and gambling.

Smoot-Hawley Tariff

A U.S. law enacted in 1930 that raised import tariffs on thousands of products, contributing to the severity of the Great Depression by restricting international trade.

Conservative

Pertains to a political and social philosophy that emphasizes tradition, established institutions, and prefers gradual development to abrupt change.

Reinhold Niebuhr

An American theologian, ethicist, and commentator on politics and public affairs, known for his influence on political thought, particularly regarding American and Christian realist philosophy.