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Quiz-4_Summer-06 - 5 Smith wrote “The degree of the...

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Quiz 4 PST3127, Summer’06 Prof. Klein John has just finished his education in law. He is an outstanding orator, is fairly well versed in classical philosophy, plays the piano, and it itching to serve the nation. He is always genteel toward the wretches who work his land. Mary just finished her education in mechanical engineering. She can disassemble and fix almost any device in her home. She knows the value of money and keeps careful records of her expenditures. Although less than thirty years old, she already owns rental property, which she manages herself. John is a good example of: 1. Which social class? 2. In which stage of economic development? Mary is a good example of: 3. Which social class? 4. In which stage of economic development?
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Unformatted text preview: 5. Smith wrote, “The degree of the division of labor is limited by the extent of the market.” He concluded that nations should invest in transportation infrastructure. What is another way to extend the market? 6. We live in a world of specialized professions. That reflects what principle of production? 7. As explained in lecture, a “Fachidiot” is often another name for a highly trained expert. (T/F) 8. What major industry manufactures what Ewen calls “social insecurity”? 9. According to Ewen, consumer purchases reflect rational choices. (T/F) 10. What is the single most important industrial input that Georgia Tech provides to the economy?...
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