Pure disgusting hyprocrisy!
On judgement day Jesus will say, “What you did to the least of these you did to Me”.
If anyone helps stop social programs that give help the the weakest of society by voting against them etc. that individual has denied Jesus education! That individual has denied Jesus health care! That individual has helped throw Jesus out of hospitals and out on the street when He can’t pay!!
Let’s smile at Jesus in the weakest of our society by supporting Obama’s social programs that give our living Lord education, health care and dignity.
Let’s serve Love because Love is God!
Praise Jesus!!
Wow! Are you saying that if we do not support Obama’s social programs, we are commiting a sin?
You are indeed a true believer in salvation by law. Salvation by law has never worked and never will work. You are not afraid of too much government power, are you? Your arguments sound like you have never taken a college economics course.
God gave us a free will. Government’s social programs take away our free will. Isn’t it about time you read about the Chatolic Church’s opposition on socialism? It is about time that you lerned about social economics?
** Test Review **
Define economics.
Define “change in quantity demanded.” Illustrate a “decrease in quantity demanded”on a graph in good form. (Show prices and quantities demanded.)
Define “change in demand.” Illustrate an “increase in demand” on a graph in good form.
List the 5 determinates or shifters that cause a change in demand.
List the 4 determinates or shifters that cause a change in supply.
Define substitute goods.
Define complimentary goods.
What did Adam Smith have to say about the “invisible hand?” “An individual who intends only his own gain is led by an invisible hand to promote an end which was no part of his intention.”
Adam Smith said that economic growth is the product of five things. Name them.
- Private property
- Free markets
- Limited civil government
- Accumulation of capital
- An increase in the division of labor
What was Adam Smith’s key insight? Both parties to an exchange can benefit so long as cooperation is
strictly voluntary.
What did Milton Friedman have to say about economic freedom and political freedom? “Economic freedom is a requirement for political freedom. Economic freedom enables people to cooperate with one another without coercion or central direction.
Economic Freedom reduces the area over which political power is exercised.”
The difference between a command economy and a market economy is incentives.
According to Adam Smith and Thomas Jefferson, Government’s role is an umpire,
not a participant.
Adam Smith and Thomas Jefferson saw concentrated government power as a great danger to the ordinary man. Three documents that support this view.
- Virginia Declaration of Rights – 1776
- U.S. Bill of Rights – 1791
- Separation of Powers (Executive, Legislative and Judicial)
What did Milton Friedman have to say about the “invisible hand?”
“An individual who intends only to serve the public interest by fostering government intervention is led by an invisible hand to promote private interest, which was no part of his intention.”
What is the theory of Bureaucratic Displacement, as proposed by Dr. Max Gammon? “In a bureaucratic system an increase in expenditure will be matched by a fall in production. Such systems will act rather like ‘black holes’ in the economic universe, simultaneously sucking in resources, and shrinking in terms of ‘emitted’ production.”
What is the role of prices?
- Transmission of information
- Incentives
- Distribution of income and/or a rationing mechanism
Milton Friedman wrote his PhD dissertation at Columbia in the 1940’s on rent-seeking behavior. He refuted the constantly repeated mantra of rent-seeking behavior. Explain what “rent-seeking” behavior means. Rent-seeking behavior is the idea that government licensure of professions is necessary to protect the public. Milton Friedman’s works provide empirical evidence that licensure is nothing more than a mechanism used by members of a profession to raise the entry costs, and thus keep wages and profits artificially high. Rent-seeking behavior improves the welfare of someone at the expense of the welfare of someone else.
Over 70 percent of economists agree that four statements are correct. What are those four correct statements?
- A ceiling on rents (rent control) reduces the quantity and quality of rental housing available.
- Tariffs and import quotas usually reduce general economic welfare.
- A minimum wage increases unemployment among the young and unskilled.
- Inflation is primarily a monetary phenomenon.
Approximately 70 percent of economists agree that two statements are not accurate. What are those two inaccurate statements?
- The cause of the rise in gasoline prices that occurred in the wake of the Iraqi invasion of Kuwait is the monopoly power of the large oil companies.
- Wage-price controls are a useful policy option in the control of inflation.
