Unit I: Expanded Study Guide
What are some key ideas in the Declaration of Independence?
List the broad purposes of the United States government spelled out in the Preamble to the Constitution?
What were some key ideas of John Locke?
What were some key ides of Jean-Jacques Rousseau?
What were some key ideas of Adam Smith?
In a democracy where is the power located?
Explain Federalism
This English Philosopher argued that people had natural rights; Life, Liberty, and
Property.
Two parties are said to be in a “Prisoner’s Dilemma,” when . . .
The Stag hunt game created by Jean-Jacques Rousseau illustrates the need for
The Preamble of the Constitution of the United States introduces a form of government that balances what
two important concepts?
According to the Preamble of the Constitution of the United States the government’s power comes from what
source?
What is the primary purpose of all economic systems?
On Friday night, Mike wanted attend both the Central Bucks West football game and the Phillies game. He
could not attend both, he needed make a decision. Mike decided to support his high school team and attend
the football game. Economically speaking what does the Phillies game represent to Mike?
In the 1950’s, the Pittsburgh steel mills polluted the air so much that people would often find their clothing
dirtied by the soot and ash. Economically speaking what does their laundry bill represent?
According to Adam Smith,
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner,”
According to Smith why should you expect your dinner?
According to capitalism, what is the most efficient way to allocate scarce resources?
For the standpoint of society as a whole, what is the true cost of anything?
The idea that there has never been enough to satisfy everyone completely is referring to which economic
term?
In a capitalist economy the factors of production (land, capital, resources) are owned by
The American Economy can best be described as a
If a nation’s production possibilities frontier (curve) is a straight line, then what must be true of its
opportunity cost?
If an economy is currently operating at point B, what is the opportunity cost of producing one more guitar?
Guitars
A
12
11
10
B
C
30
45 55
Drum sets
Assuming John is a history teacher during the day and performs stand-up comedy at night. If John can write
250 jokes in one year or develop 125 lesson plans in one year, then what is his opportunity cost of writing one
joke?
According to the author of the reading, Benevolent Authority, why does Plato’s idea of a Benevolent Authority
contradict the ideas of Prisoner’s Dilemma?
When the United States and Mexico trade who is better off?
Use the quote below to answer question 29.
Adam Smith, in the Wealth of Nations, describes the invisible hand when he argues that “People acting in
their own self-interest will . . .”
29.
(3 points)
5,0
Just for fun
In 1995 the National Highway Traffic Safety Administration predicted that the repeal of the
federally mandated 55 miles-per-hour speed limit would result in an additional 6,400 highway
deaths each year. But in 1998 the National Highway Traffic Safety Administration announced
that traffic deaths on U.S. highways actually declined from 41,817 in 1995 to 41,480. How could
raising the speed limit result in fewer highway fatalities?