Cedarville University Essentials of Economics
Exam 1 with 100% Correct Answers | Verified &
Updated 2025 | Guaranteed Success
All economic systems are equal in God's sight - ✔✔False
Methodological individualism is an economic assumption that the causal factor of economic
action is the individual responding to incentives - ✔✔True
Plan coordination is the process of coordinating our plans to arrive at the party at the same time -
✔✔False
In communism, the party decides how to allocate capital and make production decisions; there is
no role for entrepreneurship - ✔✔True
From a Christian perspective, the question of private property vs. communal property is more
properly thought of not as an ownership issues, but as a stewardship issue - ✔✔True
When we don't know which of only two possible outcomes are likely to happen, we characterize
this as risk - ✔✔True
When a member of the original National Football League wins the Super Bowl, the stock market
is predicted to rise. This is an example of the post hoc fallacy - ✔✔True
