At Its Most Elementary Burkean Level, Conservatism

question 16

Multiple Choice

At its most elementary Burkean level, conservatism

• A)sought to preserve the achievements of previous generations by subordinating individual rights to communal welfare.
• B)became the most popular political philosophy in Russia.
• C)sought above all else the achievement of individual rights.
• D)was never popular among the political elite of Europe.
• E)championed individual rights and laissez-faire government.

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and freedom of entry and exit, leading to price taking behavior by all firms.

Long-run Equilibrium

Describes a state in a market where supply equals demand, with sufficient time for all factors of production to adjust and no external pressures.

Demand

The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.