Biology Mechanisms

Human Anatomy and Physiology II

Contemporary Economic Issues

ECON1000_Fall2017_Exam3A.pdf-ECON 1000 (Fall 2017 – Section

28. Of the twelve countries for which we observed “Average Annual Working Time” in lecture, workers in ______________ had the lowest value (1,356 hours per year) and ______________ had the highest value (2,257 hours per year). B. Germany; Mexico. 29. Consider two countries that each have Per Capita GDP of $5,000 in 2021. Country X realizes a constant 2.4% increase in Per Capita GDP each year, while Country Y realizes a constant 3.6% increase in Per Capita GDP each year. Given these constant rates of increase, in 2081 (i.e., 60 years in the future), Per Capita GDP will be approximately C. $20,000 in Country X and $40,000 in Country Y. 30. The vicious-cycle-of-poverty C. conjectures that poor countries will remain poor since they do not have sufficient resources available to make the investments in capital which are necessary for economic growth. 31. Between 2009 and 2015 the Average Tax Rate of the “Top 5% of income earners” _______________ while the Average Tax Rate of “income earners between the Top 25% and Top 50%” _______________. D. increased from 20.59% to 23.68%; increased from 5.76% to 7.67%. 32. In which year was the Misery Index greatest in value? D. 2021. 33. In which year did this country realize “deflation”? A. 2017. 34. “A Monetary History of the United States, 1867-1960,” written by _______________, provided strong evidence to support a claim that the money supply has a direct impact on short run levels of income, employment, and inflation. B. Milton Friedman and Anna Schwartz 35. Suppose that in “Country X” during 2020, the aggregate level of output was Q= (9.3 billion units), the overall price level was P= (€1.85), and the money supply was M= (€7.8 billion). It follows that the velocity of money in “Country X” during 2020 was approximately V= ______. D. 2.21 36. In this market there would be ____________ at a price of $40.75. B. excess supply 37. Focusing on the 9,250 th unit, the seller of this unit has a reservation price of ________. D. $55.50 38. Imposing a per unit tax of $20.75 on buyers in this market would generate tax revenue of ______________. C. more than $67,437.50 but less than $130,310 39. A group of teachers at an elementary school is trying to decide where to take their students on a field trip. They are considering three options: a history museum, an amusement park, and a zoo. When voting between only the history museum and the amusement park, the history museum receives more votes. When voting between only the zoo and the history museum, the zoo receives more votes. When voting between only the amusement park and the zoo, the amusement park receives more votes. These outcomes illustrate the C. Condorcet Paradox. 40. This country experienced an expansion from D. February 2017 through July 2020.

ECON | 1000 | Contemporary Economic Issues | exam | 28. Of the twelve countries fo

ECON 1000 (Maymester 2020 – Section W09) Quiz #2 – Answer Key Multiple Choice Questions: ( 10 points each ) 1. The Preliminary Circular Flow Diagram illustrates B. the movement of economic resources (i.e., factors of production and finished goods/services) between households and firms. 2. Maxim and Minnie spends their workdays producing corn and bicycles. Maxim’s opportunity cost of producing a bicycle is 5 bushels of corn. Maxim has both a Comparative Advantage and Absolute Advantage in the production of corn. From this information alone, it follows that C. Maxim’s Opportunity Cost of producing a bushel of corn is 0.2 (i.e., one fifth) of a bicycle. 3. ___________________ refers to the process by which inputs are transformed into an output. A. Production 4. A.C. and Zack produce surfboards and hair gel. A.C.’s opportunity cost of producing a surfboard is lower than Zack’s opportunity cost of producing a surfboard. The ________ suggests that they can increase their total output of these two goods if A.C. focuses his production on surfboards while Zack focuses his production on hair gel. B. Law of Comparative Advantage 5. Bedevere’s Opportunity Cost for producing one unit of coconuts is _______ units of shrubberies. B. 2 = 20 ÷ 10 6. For which of the following values of X does Arthur have both an Absolute Advantage and a Comparative Advantage in the production of Coconuts? C. 30. 7. Which of the following is NOT one of the “Three Fundamental Economic Questions” that every society must address? D. “What percentage of tax revenues should be paid by ‘the 1%’?” 8. Which of the output combinations illustrated above is attainable but characterized by productive inefficiency? A. “A” (300 units of cigarettes and 15 units of alcohol). 9. If each worker produced only Alcohol, ____________ could produce the most in a single day. C. Guigsy 10. ____________ has the highest Opportunity Cost for producing Alcohol. A. Noel

ECON | 1000 | Contemporary Economic Issues | assessment | ECON 1000 (Maymester 2020 – Se

ECON 1000 (Maymester 2020 – Section W09) Quiz #3 – Answer Key Multiple Choice Questions: ( 10 points each ) 1. Which of the following countries presently has an economic system that is closest to “pure Capitalism”? D. Singapore. 2. ______________ observed that the government or the state differs from other decision making entities in that it alone has established “the monopoly of the legitimate use of physical force within a given territory.” A. Max Weber 3. Communism is defined as an economic system in which the means of production are C. collectively owned by all people in society (without intervention by a government or state). 4. Which of the following would be considered a “Produced Asset”? C. The Kia Motors Assembly Plant in West Point, Georgia. 5. Beta Industries is a privately owned firm which produces “Good B” in order to earn a profit. In 2019 when the price of “Good B” was $15, James chose to buy ten units. In 2020 when Beta Industries increased price to $19, James chose to buy zero units. These choices by James to buy the good in 2019 but not buy the good in 2020 D. provide an example of James exercising his consumer sovereignty. 6. _________________ can be described as the study of how economic systems differ across societies and how such differences in systems lead to differences in economic outcomes. B. Comparative Economic Systems 7. As discussed in the textbook, between 2000 and 2010 the level of economic freedom in the United States C. decreased, reveled by the fact that the country’s EFWI value was 8.5 in 2000 and 7.69 in 2010 and the country’s ordinal ranking in terms of economic freedom was 3 rd in 2000 and 18 th 2010. 8. Reggie Dunlop (coach/player of the Charlestown Chiefs ice hockey team) offered to pay $100 to any player on his own team that could injure opposing player Tim McCracken of the Syracuse Bulldogs during an upcoming game between the two teams. By offering this money, Coach Dunlop was trying to get his teammates to play more aggressively by A. offering a material reward. 9. Recall the “Ease of Doing Business” study. According to the result of this study, of the 190 countries examined, the country with the lowest costs of conducting business (i.e., the country ranked at “the top” of this list) is ____________ while the country with the highest costs of conducting business (i.e., the country ranked at “the bottom” of this list) is ____________. B. New Zealand; Somalia. 10. Robbie is a ventriloquist. In order to get money to buy tickets to a concert, Robbie decides to sell his ventriloquist puppet (named Rex) to his friend Andre for $400. When selling the puppet to Andre, Robbie is exercising a ________________ in regards to his puppet Rex. C. right to transfer

ECON | 1000 | Contemporary Economic Issues | exam | ECON 1000 (Maymester 2020 – Se

ECON1000_Maymester2018_Exam3A.pdf-ECON 1000 (Maymester 2018 – Section

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