LUOA Economics Final Exam Study Updated 2024-2025. Questions and Correct Verified Answers., Exams of Economics

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LUOA Economics Final Exam Study Updated

2024-2025. Questions and Correct Verified

Answers. Graded A

__________ Represents a condition in which the amount of a good offered for sale by producers greater than the amount that buyers purchased at the system. A decline in price will eliminate the surplus. - ANSSurplus ____________affect our economic choices, that is, our choices among alternative, incompatible uses of scarce resources. - ANSIncentives ____________Promote economic progress because individuals exchange products, or trade, resulting in vast quantities of goods and services due to specialization in mass production. - ANSTrade _________Develops when individuals are all acting according to individual plans, as just the right amount of goods and services become readily available. This process also requires tremendous__________. As no central planner is needed to make certain that items come into existence. - ANSSpontaneous order, Coordination. ________Affect our economic choices, that is, our choices among alternative, incompatible uses of scarce resources. - ANSIncentives ________Represents a state in which the conflicting forces of supply and demand are in balance - ANSEquilibrium

A _________ Can occur in a situation in which quantity demanded is greater than quantity supplied - ANSshortage A good for which other things equal, and increase in income leads to an increase in demand. - ANSNormal goods A key source of economic progress is free trade relations between nations, and such trade views ________via tariffs as detrimental and destructive to economies.

• ANSProtectionism A minimum wage law is - ANSA government mandated price floor that will result in surplus is in the labor market. A price ________ establishes a minimum price that can legally be charged. When a price floor is imposed above the current market equilibrium, it will alter the operation of markets. - ANSfloor A price index measures the cost of purchasing a market basket of goods at a point in time relative to the cost of purchasing the identical market basket during an earlier reference period. A base year is chosen and assigned a value of 100. As prices increase in the cost of purchasing the reference bundle of good surprises relative to the base year, the price index increases proportionally. A price index of 110 indicates that the general level of prices. Period A base year is chosen and assigned a value of 100. As prices increase in the cost of purchasing the reference bundle of goods rises relative to the base year, the price index increases proportionally. A price index of 110 indicates that the general level of prices... - ANSIs 10% higher than the base year

A republic is best defined as - ANSa government of laws via representation as opposed to simply a government of men. a table that shows the relationship between the price of a good and the quantity demanded: - ANSdemand schedule According to Ewert, the Christian left asserts that free-markets are based upon and encourage an ethic of selfishness. How does Ewert counter this? - ANSEwert has discerned that though the "free market does allow "self directed" actions, it does not require "selfish" economic actions." The market itself does not require an attitude of selfishness to direct the production and sale of goods and services. According to Madison, governments are not just, nor property secure under it when: - ANSGovernments impose arbitrary restrictions, exemptions, and monopolies and consequently deny citizens the free use of their internal property, Governments do not respect the rights of property and property in rights, Governments apply on equal taxes to reward one type of property and press another, Governments arbitrarily seize property to give to others. All of these are correct. According to Madison, what is the primary purpose of the civil government? - ANSThe primary purpose of Government is the protection of man's property in both its external and internal forms, a men's rights relative to his property and the property a man has in his rights.

According to Madison, what sort of property is considered to be most valuable? - ANSAccording to Madison, the most sacred form of property is a man's conscience According to Reverend Siriko, "to in sure that free markets are preserved as much as possible by our public policies, ... We must provide_____________" - ANSA robust explanation of their moral value. According to Reverend Soriko, we must make some rather "crucial distinctions and "which will assist us in understanding the connection between morality and economic liberty more adequately. A series of such distinctions are presented below. Which of the following will assist us in this endeavor? - ANSA distinction between rights and privileges According to sowwell, which of the following best summarizes the study of economics? - ANSThe use of scarce resources which have alternative uses. According to the COR, what is Economics - ANSEconomics is the study of the principles and methods of allocating scarce resources to achieve optimal production, distribution, and consumption of wealth. all government expenditures must eventually be paid out of the proceeds of __________; That inflation itself is merely a form, any particular he vicious form of taxation - ANSTaxation All worldviews must answer for philosophical dilemmas, each of which address a life concern in a final way. What does the ontological question attempt to address a final way - ANSOntology attempts to provide final answers to the question of origins, lr the ground of being and existence

An ______________ is a basic motivating a limit or is us to make decisions and pursue actions-any kind of action-as well as markets related ones - ANSIncentive An American founding principle of equality was a quality before God. What is meant, or implied by this? - ANSThat all individuals bear a personal equality before God, who shows no respect of persons. That all men are on equal in respect to abilities and characteristics Annual budgets were first legislatively authorized in the United States - ANSWith the budget and accounting act of 1921 As Beisner notes in his article the vocal justice versus social justice, the Bible does not demand wealth ____________ or equalization - ANSRedistribution Banks in the United States assist in the creation of money through the - ANSFractional reserve system Check the following properly defined the word jurisdiction? - ANSJurisdiction refers to the lawful use of lawful authority Competition - ANSAllows people to gravitate towards what they do best as the goal of any free market as productivity and productive employment. Competition encourages firms to - ANSsupply goods and services consumers value highly relative to cost.

Competition enhances ________ through constant interaction and exchange. Consumers compete against consumers, producers against producers. - ANSCooperation Competition exists... - ANSas a consequence of economic scarcity. Competition is the absence of _____________ , And the presence of an environment of freedom which maximizes ones volitional capacity to choose - ANSCoercion Cpi represents an economic index which - ANSRepresents the general level of prices related to the cost of purchasing a basket of goods compared to the purchase of that same market basket at a previous. Decisions are made at the_________, as individuals should exchange when marginal benefits exceed the marginal costs - ANSMargins Deflation results from - ANSa. a swift contraction of the money supply. Direct Spending - ANSIs the same as mandatory spending, and consists of entitlement funding. Discretionary spending - ANSRelates to spending on programs funded through annual appropriations acts or appropriations legislation and consists of spending it fixed for a specified amount of time Do landlords benefit from rent controls? - ANSa. Absolutely not. They are forced to subsidize the rents paid by their tenants which result in net losses.

Do United States federal government takes in revenue through - ANSThe IRS tax code, title 26 USC Does a change in the price of sugar and an input for making ice cream affect the supply curve or the demand curve? - ANSBy raising the costs of production, it reduces the amount of ice cream that firms produce and sell at any given price, altering the supply curve. Does voluntary exchange permit individuals to realize gains derived from cooperative effort? - ANSYes. Cooperation assumes interdependence among individuals with diverse gifts and talents and, therefore, individuals exchange what they create for what they need. Eagalitarianism promotes: - ANSRedistribution of wealth, equality of results, equality of opportunity Egalitarianism promotes - ANSEquality of results, Redistribution of wealth. Entitlement programs have what sort of impact upon work incentives? - ANSIf transfer payments and benefits generally exceed the income of those taking advantage of such programs and find that they're disposable income increases if they do not raise their income levels through work, they are not incentivized to increase their work efforts Equality of outcome is now the passionately pursue the goal of numerous organizations and the purpose of federal legislation. Which of the following

identifies this? - ANSEveryone ought to reach the economic finish line at the same time. Equality of outcome requires what sort of government policy? - ANSEconomic leveling, Higher and unequal taxes, Wealth redistribution, Equality of conditions, All of the above Ewert points out that the so-called secular left appears to have moderated its opposition to free markets based upon pragmatic as opposed to philosophical reasons. Nevertheless, the "Christian Left" Is still much less influenced by the demonstrated failure of state directed economic policies. According to Ewert, why is this the case? - ANSThe Christian left appears to prioritize the moral superiority of socialism-they are convinced that capitalism must be judged on its "moral" merits and, in comparison to socialism, it is far more immoral. FDR's brain trust consisted primarily of - ANSClose advisers drawn from the Academy is who shifted from the belief in individual responsibility, and a D centralized and limited government to the police and social responsibility and a centralized and powerful government. Fill in the appropriate blanks: The principle of property, linked to individuality, issued fourth in an equality of civil protection for liberty of______and the necessary freedoms to pursue______and religious duties owed to God and neighbor. Such duties include charity and private philanthropy. - ANSConscience

Moral Free international trade allows domestic producers and consumers to benefit from economies of scale. What is meant by this? - ANSEconomy of scale relates to the cost advantages of enterprises in relation to the amount of goods and services they're able to produce relative to the size of their operations. Larger firms are able to reduce costs per unit given increased production and operational efficiencies and require large markets, often supplied through international trade. Free market competition directions the movement of markets relative to producers responses to consumers and vice versa. Which of the following does not adequately capture this? - ANSProducers desire of the lowest price that the market consumers will bear given their propensity to produce goods and services for charitable causes. Friedman identifies five general truths relative to inflation. Which of the following is not part of that analysis? - ANSInflation always benefits creditors and especially banks and, therefore, is a favorable monetary policy to implement. GDP and CPI, employment, fiscal policies such as taxation, monetary policy, the money supply, and inflation, which includes a discussion of the federal reserve system, as well as international trade are all - ANSEconomic concerns GDP can be measured in two ways which of the following represents the resource Cost income approach - ANSGDP can be determined by totaling all the income payments to the resource suppliers and the indirect cost of producing the goods and services.

GDP can be measured into ways which of the following represents the expenditure approach? - ANSGDP can be derived by totaling the expenditures on all final user goods and services produced during the year. GDP cannot measure which of the following - ANSGDP does not count non-market production. GDP cannot make adjustments for leisure or recreation. GDP cannot measure the economic output of an underground economy. GDP cannot adjust for harmful situations, like terrorist attacks, or natural disasters such as hurricanes, tornadoes, or massive fires. All of these are correct GDP is the most widely used indicator of economic performance. Which of the following defines it? - ANSGDP represents the market value of final goods and services produced within a country during a specific time period, usually a year. GDP measures... - ANSProduction output of a nation's legal economy, which includes all final goods and services. GDP represents... - ANSa macroeconomic measurement. How does the face system incentivize protection to the consumer demand? - ANSPrices incentivize producers to meet demand by throwing them into various production efforts to the profit motive thus meeting to consumer demand

How does the fallacy of failing to see what is not seen operational in the demand for public works projects? - ANSAny tax devoted to finding the bridge, relative to employment and materials, means that amount of money was transferred farm, or diverted from, private use and no longer available to finance projects people need. How does the pricing system solve the problem of alternative applications of labor and capital to meet thousands of different needs and wants of different urgency is in society? - ANSSince there is no fix supply of labor and capital, or any resource for that matter, the price system communicates the producers what to make more if fission Lee and to consumers where to purchase quality items more cheaply. How does the rapid printing of money lead it to a General rise in prices? - ANSPrices rise, generally, because people have more money in their pockets and effectively are able to spend more money on goods and services and, hence, bid up the prices. The supply of goods and services has outpaced by the supply of money, resulting in a greater degree of scarcity and a rise in prices generally. If society held to an economic vision of equality of results, how would this goal alter the role of government? Choose all that apply. - ANS1. Governments should attempt to equalize all human attributes to ensure there's no disparity or inequity in the acquisition of property.

2. Governments should pursue economic measures of social justice to ensure that everyone has the exact same economic success
3. Governments should disregard natural human hindrances and propose policies which economically advance some over others in the name of social justice.

If the amount of goods and services for purchase increased in tandem with the money supply, prices would be - ANSMore or less stable If the interpretation of the congressional authorization to meet the general welfare of the United States as indicated in article 1, section 8, clause one is separated from the subsequent list of enumerated powers, then Congress has what sort of authority in securing the general welfare of the United States? - ANSCongress has an unlimited grant of congressional taxing and spending authority in order to achieve the general welfare of the United States and can use its own discretion to determine what the general welfare is. In considering a biblical world view statement on property which of the following affirms the ownership of property from the scriptures. - ANSThe ownership of property assumes that one is Stuart property as accountable to God, The ownership of property appears to result from the recipient of an inheritance or gifts, The ownership of property appears to be a just reward for labor, The ownership of property cannot be conducted through government coercion. All of these are correct. In free economies, ________ always expresses a judgment of the estimation in which something is held because individuals will judge an item to have value if they want it, desire it, or need it. - ANSValue In free economies,________always expresses a judgment of the estimation in which something is held because individuals will judge in item to have value if they want it, desire it, or need it. - ANSValue

In short, economic analysis indicates that high tax rates will reduce ________ activity, retard capital formation, and promote wasteful use of resources. Predictably, the income of a country that imposes high marginal tax rates will fall below its potential. - ANSproductive In the 19th century early America private charity and philanthropy were possible because those who accumulated fortunes were able to donate freely. Which of the following allows these sorts of moral obligations of serving one's neighbor? - ANSEquality of opportunity and personal liberty which allows one to for fill their moral obligations under God. In the final analysis, why do economic exchanges even occur? - ANSEconomic exchanges occur because individuals value a product they exchange another for more because they believe that product will better satisfy their personal needs or wants. In the history of the United States a common law relative to private towards which relates to private wrongs there is no legal duty to act as a Good Samaritan social Security, unemployment benefits, corporate subsidies, farm subsidies, public housing, and countless other manifestations of the welfare state are all course transfers which impose an affirmative ____________ to rescue upon us. Many of the beneficiaries of coarse are not in peril or Even in the least bit needy but have learned to play the political game well enough to collect the large amounts from the government - ANSDuty Inflation - ANSA monetary phenomenon and expressed in the general rise in prices across an entire economy Inflation is Best defined as - ANSA general rise in prices across an entire economy

Is the monetary policy of inflation best equated with a mirage or oasis? - ANSInflation is a mirage, as people confuse money with wealth, as opposed to products and services and, therefore, assume the more dollars they acquire, the wealthier they are. Is the purpose of the preamble to the US Constitution? - ANSThe preamble limits and defines the general scope of the national governments authority and the powers of the constitution delegates to the various branches are intended to meet those great objects! It was necessary to broach the topic of article 1, section 8, clause one and the reinterpretation of the general welfare clause because - ANSIt has led to an expansion of national power. It has led to a massive federal budget. It is led to civil economic and Social intrusion into virtually every area of American life. It would be comforting to believe that the government can simply decree higher pay for low-wage workers without having to worry about unfortunate repercussions, but the validity of that belief is open to doubts that cannot be dispelled by the kind of research that would lead to the conclusion that Russian relet is harmless. The preponderance of evidence indicates that labor is not exempt from the basic economic principle that artificially high prices cause _____________ in the case of surplus human beings, they can be a special tragedy when they are Already from low income on skilled, or minority backgrounds and urgently need to get a job if they are ever to move up the ladder by acquiring skills and experience - ANSSurpluses

James Madison quotes from sir William Blackstone's commentaries on the laws of England and specifically that section which established the origin of property from Genesis 1:28. Which of the following does not model Blackstone's use of this passage? - ANSBlackstone understood Genesis 1:28 as God granting man the authority to do whatever he wanted with creation. Though God created, he left his creation to man to dispose of in whatever manner he saw fit James Madison's interpretation of the general welfare clause is represented by which of the following - ANSThe congressional authority to achieve the general welfare of the United States is limited, and defined by the subsequent list of specified Congressional powers. Just who exactly are the beneficiaries of pro inflationary policies - ANSDebtors benefit the most and never creditors or savers! Lost the three main functions of the price system. - ANSThe three main functions of the price system are to: Transmit Information, Provide Incentive, and to determine distribution. Market transactions only occur if both parties for all parties benefit from the exchange. This ___________ _____________ would not occur if one party was being exploited at the expense of the other party-both parties benefit and are wealthier because of the exchange. - ANSVoluntary exchange Market transactions only occur if both parties or all parties benefit from the exchange. this__________ __________would not occur if one party was being exploited at the expense of the other party-both parties benefit and are wealthier because of the exchange - ANSVoluntary exchange

Money must retain certain Cara sticks if it is going to make a valuable medium of exchange one of these Charis sticks is that money should be assayable what is meant by this? - ANSMoney cannot be readily counterfeited Not all goods are normal, if the demand for a good rises when income falls, the good is called an ___________ _____________ - ANSInferior good Of the following best identifies the significance of the Federalist papers? - ANSThe Federalist papers represent the best commentary on the problems of the articles of Confederation and the nature of the US Constitution 1787 One reason prices are "inflated" is because... - ANSthe money supply grows too quickly—the supply is much greater than the demand for it, leading to a general rise in prices. Price ceilings results in - ANSShortages Price floors results in - ANSSurpluses Prices are calculated by relating ___________ two prices by communicating which goods to produce and how to most effectively produce them. - ANScosts Profits actually guide the factors of production such as ______, labor, and capital in accordance with demand. - ANSLand Profits are calculated by relating_______two prices by communicating which goods to produce, and how to most Efficiently produce them. - ANSCosts

Profits will quickly solve a shortage and provoke greater levels of economic ____________, especially a more efficient use of property and scarce resources. - ANSEfficiency Progressives and modern critics of equality of opportunity have launched to significant criticisms against the founders of you. First, that equality of opportunity is impossible to achieve. Second, to the extent that equality of opportunity has been tired, it has resulted in a gigantic inequality of outcomes. Equality of____________ - ANSOutcome Real GDP is defined as - ANSThe market value of final goods and services produced within a country during a specific time period, usually a year, but adjusted for inflation Regardless of the country, inflation is always And everywhere a_________Phenomenon! Inflation is a printing press issue, and that means it's a government issued, as governments are in charge of a nations printing presses - ANSMonetary Rent control is - ANSA government mandated price ceiling that will result in shortages in the rental house market Situations and circumstances other than the rapid infusion of money into an economy that can generate an inflationary phenomenon is - ANSNone of these are correct The ___________ ____________ Coordinates the interaction between supply and demand - ANSPrice system

The ____________ coordinates of the interaction between supply and demand. - ANSPrice system The _____________ to the US constitution represents a justification clause, or interacting clause, by which it is meant that it justifies the creation of the constitution for the purpose of achieving six great and grand objects for which the various power schemes and checks and balances are intended to serve and achieve - ANSPreamble The app is molded you call the limo deals with what life question in a final way? - ANSEpistemology contains ultimate answers to the question "how can I know what is true" The availability of ________—goods that perform similar functions—underlies the law of demand. No single good is absolutely essential; everything can be replaced with something else. - ANSsubstitutes The Axiological dilemma deals with what life-question in a final way? - ANSAxiology attempts to deal with issues of ultimate value. The bottom line is that incentives do matter, and _______ direct productive efforts and activities to gain advantages and benefits - ANSProfits The bottom line is that incentives do matter, and______direct productive efforts and activities to gain advantages and benefits - ANSProfits

The consequence of fixing a maximum price for a particular commodity would result in a____________for that commodity - ANSShortage The division of labor results and increase in the amount of work done which of the following is not a circumstance which promotes such productivity? - ANSThe intervention of civil government to coordinate production efforts The division of labor results in an increase in the amount of work done which of the following is not a circumstance which promotes such productivity? - ANSThe intervention of civil government to coordinate productive efforts. The essence of the new deal agenda was - ANSa. a social policy approach of recovery, relief, and social reform legislation. The federal budget of the united states consists of which of the following prominent categories of spending? - ANSmandatory and discretionary The free market is moral because it's based on merit. Individuals are rewarded when they produce goods and provide services that people want. The free market requires that you think about others and their needs and attempt to please them. This is also referred to as the____________. - ANSMorality of the market The graph of the relationship between the price of a good and the quantity demanded: - ANSdemand curve The legal protection of private ownership of private property is necessary for free markets to thrive. Which of the following does not make an adequate case for this principle? - ANSPrivate property is never taken care of as well as public property

owned by the government because people can be coerced into doing what is right for everyone within a public ownership framework. The minimum wage laws really help the poor and those who are young and considered unskilled workers? - ANSNo. While increasing the minimum-wage will increase the wages of low skilled workers, their on the job training opportunities will decline. The money supply in the United States is mainly measured - ANSThrough two units: M1 and M The objective of the Federal Reserve is - ANSmonetary equilibrium, by providing liquidity through lending to member banks. the price system utilizes alternative Applications of labor and capital to meet market demands - ANSTrue The teleological dilemma deals with what life question in the final way? - ANSTeleology attempts to provide answers to question of purpose and destiny The underlying Christian view of economics is: - ANSMan is made in God's image There is no more persistent and an influential faith in the world today then the faith in ___________ spending. Everywhere government spending is presented as a panacea for all our economic ills - ANSGovernment

Thomas soul has proposed a thesis which explains differences in policy outlooks ultimately located in contrasting worldviews. Which of the following identifies the thesis? - ANSConflicting visions of a constraint and unconstrained nature Those who tend to benefit the least from public works projects are - ANSTaxpayers Trade barriers negatively impact economic progress because - ANS1. trade restrictions reduce imports because countries find it increasingly difficult to pay the tariff and produce a profit.

2. tariffs acts like a subsidy, which discourages competition and efficient use of resources—businesses become subsidy-dependent and, hence, discouraged from wise innovation.
3. costs will also increase for consumers in the form of higher prices, as tariff costs are now built into the total price of a good or service.
4. they create predictable inefficiencies in any industry intended to benefit from the barrier. Two goods for which an increase in the price of one leads to an increase in the demand of the other - ANSSubstitute What does Reed mean when he uses the term "mastermind" when explaining the operation of free markets? - ANSNo one person or civil authority is dictating market operations; no "mastermind" exists What exactly is "the division of labor" which Adam Smith and Leonhard read refer to? - ANSThe division of labor refers to a division of very complex productive efforts into much simpler tasks which a multitude of individuals perform for purposes of production.

The division of labor refers to a variety of labor capacity is distributed among a multitude of people with different degrees of the skills. What is a price ceiling? - ANSA price ceiling establishes a maximum price that can be charged for a good, service, or resource. What is covetousness? - ANSCovetousness is the inordinate longing for the wealth of others and its gain through unjust means. What is Leonard reads main point in "eye pencil" - ANSEconomics cannot be planned, as no one possesses all the necessary knowledge and skills to produce even a simple pencil. What is meant by the enumerated powers found within the US Constitution? - ANSrelates specifically to a particular delegation or accounting, crediting of power, or vestment What is meant by the phrase "institutional structure and procedure of life" - ANSThe "institutional structure and procedure of life" is the total societal and relational expression of answers to all the basic questions in life what is meant by, or implied by, equality of opportunity as an economic principal - ANSArbitrary obstacles such as gender, class status, race, and ethnic differences should never be erected to obstruct individuality in the market. Some suffer loss, while others replenish it; a natural equality of outcome or result cannot exist. Natural hinderances and differentiation do exist, resulting in differences in individual performance.

All of the above What is the best cure for inflation - ANSHey study reduction in the rate of monetary growth is the only means by which inflation can be remedied What is the biblical perspective on economics - ANSfreedom of enterprise and righteous stewardship of private property What is the fallacy of the welfare state? - ANSThe very fallacy of the welfare state is the spending categories required for its existence—waste and the misappropriation of funds is inevitable, while force is required to collect the money. What is the general significance of supreme court case United States v. butler 297 US one - ANSThe supreme court determined through the famous butler case that the general welfare cards must be construed very generally and was not tied down to the subsequent list of Specified powers, The supreme court use the butler case to off the rise the constitutionality of Social Security and the subsequent helevering v. Davis of 1937 What is the monetary policy institution of the United States? - ANSThe federal reserve What is the proper role of government relative to equality of opportunity? - ANSGovernments should protect the private use of private property and avoid hindering expressions of individuality in the market.

What represents the policy plank of the Franklin Delano Roosevelt administrations

• ANSNew deal What sort of economic policy does protectionism rest upon? - ANSThe fallacy of looking only at one side of the policy or of noticing what is immediately seen, while neglecting the results that are not seen When considering the fallacy of what is seen and what is not seeing, but typically fails peoples notice relative to protectionist policies? In other words, what is not immediately seen, but nevertheless, very real? - ANSThe new industry would be visible, but given the shift in the concentration of capital, other industries would you prevent it from coming into existence-this is what is not immediately seen: all the losses! Where does the right to the ownership of private property originate, and which British common law recognized? - ANSIt's origination is recorded in genesis 1:28: God establishes a general grant of dominion to all mankind and can lawfully do so because he owns all the earth. Which economic system rewards people according to the intelligence, creativity, and diligence of their work? - ANSFree market system Which of the following adequately captures changes in equilibrium? - ANSA change in market equilibrium is due to a shift in demand, A change in market equilibrium can occur when shifts take place in both supply and demand, A change in market equilibrium is due to a shift in supply. All of these are correct.

Which of the following are Characteristics of a reliable form of money - ANSDivisible, Portable, Durable. Which of the following best captures the essence of the Christian world view? - ANSGod applies to the whole of life Which of the following best defines or characterizes economic profit in a free market - ANSEconomic profit is understood as total revenue minus total cost. Which of the following best explains the location or nature of these terms as part of the American constitutional order and system: more perfect union, justice, domestic tranquility, Common defense, general welfare, and the blessings of liberty? - ANSAll of these terms are located in the preamble to the US Constitution. Which of the following best identifies a market monopoly or the consequences of such? - ANSA market monopoly characterizes the firm which uniquely specializes in the creation of a specific good or service which customers are incentivized to purchase and which other firms are incentivized to invest in. Which of the following best identifies the economic term alternative uses? - ANSThis term means that available resources have innumerable uses.