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The basic facts of economics

Chapter 24: Questions for Self-Examination
By Louis F. Post
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Economics

About This Book

A common-sense primer presenting the basic principles and structure of economic thought for advanced students. It defines economics in relation to money as a measuring instrument, then examines money, trade, and the core facts that underlie market activity. It analyzes the productive process by distinguishing human, natural, and manufactured factors and treats secondary categories such as capital, utility, price, banks, and balances of trade. It explains distributional claims including wages, rent, and trade earnings, and concludes with a review and questions to reinforce classification, clear observation, and applied reasoning.

Questions for Self-Examination

I

1.—Name the three Basic Facts of Economics as described in the foregoing pages.

2.—Define them as there defined.

3.—In your judgment are there any others? If so, name and define them.

II

1.—What is Money as defined in the foregoing pages?

2.—How would you define it?

III

1.—What is Trade as defined in the foregoing pages?

2.—How would you define it?

IV

1.—What are the Basic Facts of Economics as in this book explained?

2.—Comment upon that explanation, and give your own.

V

1.—Describe the Productive Process as explained in the foregoing pages.

2.—Describe it as in your judgment it ought to be described.

VI

1.—Describe the Distributive Process as explained in the foregoing pages.

2.—Describe it as you think it ought to be described.

VII

1.—Review the Primer briefly but considerately throughout.