Biology Mechanisms

Human Anatomy and Physiology II

Contemporary Economic Issues

21. When discussing government failure resulting from costs of complying with government bureaucracy, it was noted that in order to start a new business in ____________ it is necessary to follows 17 procedures, a process which takes over 144 days and costs 88.7% of annual per capita income in the country. A. Singapore B. New Zealand C. Venezuela D. Canada 22. Within our discussion of Logrolling, we noted that _______________ argued that politicians in a democracy often act to maximize the probability of their own re-election. A. Ronald Coase B. John Maynard Keynes C. James Buchanan D. Nicolas de Condorcet For questions 23 through 25, consider a market with Supply and Demand as illustrated below. 23. Imposing a per unit tax of $3.00 on sellers in this market would generate tax revenue of A. exactly $45,375. B. more than $30,000 but less than $45,375. C. exactly $30,000. D. less than $30,000. 24. Consider a per unit tax of $3.00 imposed on buyers. The A. incidence of this tax for buyers is equal to “areas (a)+(b).” B. incidence of this tax for sellers is equal to “areas (c)+(d).” C. resulting Deadweight Loss from this tax is equal to “area (e).” D. More than one (perhaps all) of the above answers is correct. 25. Consider the following two proposed taxes: “Tax A” is a $1.65 per unit tax imposed on buyers; “Tax B” is a $1.35 per unit tax imposed on sellers. We can infer that A. the quantity of trade would be identical under “Tax A” and “Tax B.” B. producers would prefer “Tax A” over “Tax B.” C. Deadweight-Loss would be larger under “Tax A” than under “Tax B.” D. None of the above answers are correct. $ quantity 0 Supply Demand a e b 27.80 d 26.15 24.80 0 18,900 15,125 10,000 c 26. When discussing the “Highest Marginal Tax Rate” under the U.S. Federal Income Tax over time, it was noted that this highest rate was equal to A. 10% in 1945, 25% in 1990, and 50% in 2015. B. 37.5% in 1945, 75% in 1990, and 12.5% in 2015. C. 40% in 1945, 20% in 1990, and 10% in 2015. D. 94% in 1945, 28% in 1990, and 39.6% in 2015. 27. In advance of the election for Lieutenant Governor, Karen and Sheldon are discussing the different candidates. Karen states: “I haven’t really researched the positions and backgrounds of the three people running. In order to do so properly I would have to invest a great deal of time, and, after all, the chance of my vote deciding the election is very small and I don’t think things will be very different for me regardless of who wins.” Her statement is closely related to the issue of A. compensating differentials. B. rational ignorance. C. rent seeking. D. the stabilization function of government. 28. Between 1974 and 2014, the value of the Gini Coefficient for the United States A. increased from .062 up to .708. B. increased from .395 up to .480. C. decreased from .442 down to .349. D. decreased from 1.284 down to .895. For questions 29 and 30 consider the following scenario. “Company X” wants to construct a new manufacturing facility near an existing residential neighborhood. If they construct and operate the facility, they can do so at one of four different sizes: “very small plant,” “kind of small plant,” “kind of large plant,” or “very large plant.” However, their economic activity would impose external costs from pollution on the nearby residents. The resulting profit (for “Company X”) and external costs (to residents of the adjacent neighborhood) of each possible choice are specified in the table below: no plant very small plant kind of small plant kind of large plant very large plant Profit $0 $475,000 $700,000 $825,000 $800,000 External Costs $0 $75,000 $325,000 $700,000 $900,000 29. If “Company X” was able to choose its plant size without having to account for the external cost to nearby residents whatsoever, they would choose A. very small plant. B. kind of small plant. C. kind of large plant. D. very large plant. 30. Suppose that property rights can be clearly defined, individuals must pay compensation if they infringe upon the property rights of others, and the impacted parties can negotiate with one another. We would expect the ultimate outcome to be _______________ if the homeowners are given the right to a pollution free environment and _______________ if “Company X” is given the right to pollute the environment. A. no plant; very large plant. B. no plant; kind of large plant. C. very small plant; very small plant. D. kind of small plant; kind of large plant.

ECON | 1000 | Contemporary Economic Issues | assessment | 21. When discussing government

ECON1000_Fall2016_Exam3B_Key.pdf-ECON 1000 (Fall 2016 – Section

ECON 1000 (Maymester 2020 – Section W09) Quiz #5 – Answer Key Multiple Choice Questions: ( 10 points each ) 1. Matt owns a copy of the book “21 Lessons for the 21 st Century” autographed by the author Yuval Noah Harari. His reservation price as a seller of this item is $35. Ann’s reservation price as a buyer of this item is $65. If this unit was traded (i.e., transferred from Matt to Ann) A. Social Surplus would be increased by $30. 2. Consider a market in which the efficient level of trade is 6,500 units. There would be a positive Deadweight-Loss if _________ units were traded. D. More than one (perhaps all) of the above answers are correct. [All of the above are correct.] 3. Market equilibrium price determines C. the split of total gains from trade between buyers and sellers at the market equilibrium. 4. The efficient level of trade of Good Z is _____ units. B. 820 5. If 520 units of Good Z were produced/consumed, there would be a Deadweight Loss of _______. B. $355 6. Consider an outcome for which Amy loses $10, Beth gains $4, Charles gains $3, and David gains $2. Based upon this information alone, it appears as if this is a B. negative-sum environment. 7. In most markets (specifically, ones in which there are no “external effects”) Total Social Surplus is equal to D. “Total Consumers’ Surplus” plus “Total Producers’ Surplus.” 8. _______________ refers to the logical error whereby someone incorrectly concludes that simply because there are benefits (to some people) from higher levels of an activity, that more of the activity is always better. B. The open-ended fallacy 9. At the market equilibrium Total Consumers’ Surplus is equal to __________ and Total Producers’ Surplus is equal to __________. A. areas “ (a)+(b)+(f) ”; areas “ (c)+(d)+(g). ” 10. If 1,200 units were traded, Total Social Surplus would be equal to __________ and Deadweight-Loss would be equal to __________. C. areas “ (a)+(b)+(c)+(d) ”; areas “ (f)+(g). ”

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

ECON 1000 (Fall 2017 – Section 07) Exam #2C Multiple Choice Questions: ( 3 points each ) 1. I am taking ______________ of the exam. C. Version C 2. As discussed in lecture, society can achieve economic growth by A. replacing market based economic institutions with mechanisms of command planning. B. realizing an improvement in technology. C. making delibera

ECON1000_Fall2017_Exam2C.pdf-ECON 1000 (Fall 2017 – Section

ECON 1000 (Spring 2017 – Section 08) Exam #2A – Answer Key 1. I am taking ______________ of the exam. A. Version A 2. _________________ refers to the natural and undirected emergence of order out of chaos. D. Spontaneous Order 3. Gross Domestic Product can be expressed by the following formula: __________. A. Y = C + I + G + NX 4. Which of the following could NOT res

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