"There Is in Fact a True Law, Namely Right Reason

question 29

Multiple Choice

"There is in fact a true law, namely right reason, which is in accordance with nature, applies to all men and is unchangeable and eternal," is a definition of natural law by which philosopher?

• A) Aquinas
• B) Cicero
• C) Austin
• D) Bentham

Identify different social systems and their characteristics.

Distinguish between progressive and regressive taxes and their effects on different income groups.

Recognize the role of economic systems and policies in creating work-related poverty.

Understand the historical developments leading to modern capitalism and its effects.

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Definitions:

Long Run

pertains to a time period in economics during which all factors of production and costs are variable, allowing for full adjustment to any change.

Diminishing Returns

A principle stating that as one input variable is increased, there will be a point at which the additions of output will begin to decrease, holding all other inputs constant.

Diseconomies of Scale

The phenomenon where production costs per unit increase as a firm operates at higher levels of output.

Long Run

A period in economic theory during which all factors of production and costs are variable.