In His 1931 Address, Pope Pius XI (R

question 14

Multiple Choice

In his 1931 address, Pope Pius XI (r. 1922-1939)

• A) condemned the rising tide of ethnic tensions in eastern Europe as well as political extremism in countries such as Italy, Germany, and Russia.
• B) blamed the decline in European fertility rates on the modern neglect of the family, the emancipation of women, and the spread of contraception.
• C) condemned the failure of modern societies to provide their citizens with the moral and material conditions necessary for a decent life.
• D) called upon Europeans to return to their religious faith in this time of economic distress and to focus on family, thrift, and hard work.

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Definitions:

Purely Competitive Industries

Industries in which many firms sell identical products to many buyers and no single seller can influence the market price.

Economic Losses

The difference when total costs, including both explicit and implicit costs, exceed total revenues, indicating that resources could be better employed elsewhere.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing excess returns over the firm's opportunity costs.

Purely Competitive Market

A trading environment with a large number of consumers and providers, barrier-free entrance and departure, and a standardized product.