03 Jun Question Unit 1 1. Question : In the United S
Question
Unit 1 1. Question : In the United States and in most European countries, aging populations and declining birthrates threaten public finances. As the population ages, there are fewer workers paying taxes relative to the number of retired people receiving government benefits. Which of the following government policies would NOT help reduce the pressure on public finances?
Student Answer: offer financial incentives to increase the birthrate reduce taxes paid by current workers so that they an save for their future reduce retiree benefit payments raise the retirement age
Points Received: Comments:
2. Question : Consider the following two factors:These statements suggest that
Student Answer: it is highly likely that the average person will lose her job due to outsourcing. the likelihood that the average person will lose her job due to outsourcing is large small to losing her job due to other causes. the likelihood that the average person will lose her job due to outsourcing is very small compared to losing her job due to other causes. the US is not creating jobs fast enough to offset jobs lost due to outsourcing and other causes.
Points Received: Comments:
3. Question : What is an economic model?
Student Answer: It is a description of an economic issue that includes all possible related information. It is a description of an economic issue based on official government information. It is a detailed version of some aspect of economic life used to analyze an economic issue. It is a simplified version of some aspect of economic life used to analyze an economic issue.
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4. Question : The term “market” in economics refers to
Student Answer: a place where money changes hands. a legal institution where exchange can take place. a group of buyers and sellers of a product and the arrangement by which they come together to trade. an organization which sells goods and services.
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5. Question : If the marginal cost of producing a television is constant at $200, then a firm should produce this item
Student Answer: only if the marginal benefit it receives is greater than $200 plus an acceptable profit margin. as long as the marginal benefit it receives is just equal to or greater than $200. as long as its marginal cost does not rise. until the marginal benefit it receives reaches zero.
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6. Question : Table 2-3
Table 2-3 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.Refer to Table 2-3. What is South Korea’s opportunity cost of producing one pound of wheat?
Student Answer: 5 digital cameras 60 digital cameras 20 digital cameras 0.05 units of a digital camera
Points Received: Comments:
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