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ECON 116
Final Exam
| Question | Answer |
|---|---|
| Which of the following is a correct comparison of a market economy and a command economy? | Neither market economies nor command economies can eliminate scarcity. |
| Which of the following might result in economic growth? | There is an increase in the number of workers who can read. |
| The president of the United States promises that the nation’s economy will simultaneously produce more defense goods without any decreases in the production of other goods. Under which of the following conditions might such a promise be valid? | If the US were producing inside its production possibilities curve. |
| Economists assume that people are motivated by | self-interest |
| A politician says that the government should tax behavior that they want less of and subsidize behavior they want more of. This is an example of | using incentives to alter behavior |
| As a result of establishing a legal minimum wage above the market equilibrium wage, | firms will hire fewer workers. |
| Why did the “Jack Black” guy get fired in “Everybody loves Mikey?” | The manager of Happy Lube wanted Mikey’s business |
| Supporters of price ceilings often argue that the objective is to help poor people. What “unintended consequences” might prevent achievement of this objective? | -Poor people might have to purchase the product in the black market. -Sellers may find middle-income and wealthy individuals more desirable customers, |
| In economics, the word “scarcity” refers to the fact that: | no society is able to produce enough to satisfy fully the desires of people for goods and services. |
| In his article on “Socialism,” Robert Heilbroner argues that: | socialism failed because decision-makers did not have incentives to make good decisions. |
| Creative Destruction | is crucial to economic progress. |
| Suppose President Gora wants to reward professors who achieve superior learning outcomes in the classroom. She provides a $50 bonus for every A that is given. Which of the following is the most likely consequence? | The number of A’s increases but course rigor does not. |
| Nonprice rationing devices are required | to allocate goods when there is a price ceiling. |
| Which of the following is not a likely consequence of rent controls? | Less discrimination against minorities because landlords can no longer collect higher rents from preferred groups. |
| The quickest, most successful way to eliminate a surplus in a market is: | To decrease price. |
| Which of the following statements about profit and loss in a market economy is correct? | Both profit and loss play roles in guiding the allocation of resources. |
| The law of demand states that, other things being equal, an increase in the price of a good will result in: | a decrease in the quantity willingly purchased. |
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zhharrison
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