Econ Essay

7170 words - 29 pages

Quiz
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Question 1 (1 point)

Senator Brown wants to increase taxes on people with high incomes and use the money to help the poor. Senator Johnson argues that such a tax will discourage successful people from working and will therefore make society worse off. An economist would say that
Question 1 options:
we should agree with Senator Brown.
we should agree with Senator Johnson.
a good decision requires that we recognize both viewpoints.
there are no tradeoffs between equity and efficiency.
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Question 2 (1 point)

When you calculate your true costs of going to college, what ...view middle of the document...

to us if we can gain and the others involved in the trade lose.
in only a limited number of circumstances because others are typically self-interested.
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Question 5 (1 point)

In a particular country in 1998, the average worker needed to work 25 hours to produce 40 units of output. In that same country in 2008, the average worker needed to work 40 hours to produce 68 units of output. In that country, the productivity of the average worker
Question 5 options:
decreased by 1.7 percent between 1998 and 2008.
remained unchanged between 1998 and 2008.
increased by 4.75 percent between 1998 and 2008.
increased by 6.25 percent between 1998 and 2008.
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Question 6 (1 point)

The “broken window fallacy”
Question 6 options:
explains why inflation is so high.
is a justification for the government to print more money.
is illustrated when a government program is justified not on its merits but on the number of jobs it will create.
has nothing to do with public policy.
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Question 7 (1 point)

Which of the following statements about economic models is correct?
Question 7 options:
Economic models are built to mirror reality exactly.
Economic models are useful, but they should not be used for the purpose of improving public policies.
Because economic models omit many details, they allow us to see what is truly important.
Economic models seldom incorporate equations or diagrams.
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Question 8 (1 point)

In conducting their research, economists face an obstacle that not all scientists face; specifically, in economics, it is often difficult and sometimes impossible to
Question 8 options:
make use of theory and observation.
rely upon the scientific method.
conduct laboratory experiments.
find articles or books that were written before 1900.
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Question 9 (1 point)

Figure 2-8
Panel (a) Panel (b)

Refer to Figure 2-8, Panel (a) and Panel (b). A shift of the economy’s production possibilities frontier from Panel (a) to Panel (b) could be caused by
Question 9 options:
unemployment.
an improvement in donut production technology.
an improvement in coffee production technology.
an improvement in both donut and coffee production technology.
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Question 10 (1 point)

Suppose an economy produces two goods, food and machines. This economy always operates on its production possibilities frontier. Last year, it produced 1000 units of food and 47 machines. This year it experienced a technological advance in its machine-making industry. As a result, this year the society wants to produce 1050 units of food and 47 machines. Which of the following statements is correct?
Question 10 options:
Because the technological advance occurred in the machine-making industry, it will not be possible to increase food production without reducing machine production below 47.
Because the technological advance occurred...

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