01 May Question: QUESTION 1 Which of the following institutions plays no role in allocating resources in a modern …
QUESTION 1 Which of the following institutions plays no role in allocating resources in a modern market-oriented economy? A. Households B. Firms C. Government D. Custom/Tradition E. All of the above play some role on allocating resources even in a modern market-oriented economy. 1 points QUESTION 2 Which of these terms describes the process of generating theories from individual facts? A. induction B. abstraction C. reduction D. calculation E. deduction 1 points QUESTION 3 Which of the following is a positive economic statement? A. Dogs make better pets than cats. B. The population of Milwaukee is larger Minneapolis. C. Michigan should spend more on road repairs. D. The Lions had a good year. E. All of the above are positive. 1 points QUESTION 4 Consider the Laffer Curve below. If the tax rate is increased beyond “t*”, government tax revenues actually decline. Which of the following explanation(s) for this phenomenon was discussed in the lecture? Laffer Curve A. Higher tax rates may reduce people’s incentives to work and lead them to quit. B. Higher rates may lead high earning individuals to move abroad. C. Higher tax rates may encourage people to engage in tax evasion or tax avoidance. D. a and c 1 points QUESTION 5 Occam’s Razor is typically used to A. evaluate the effectiveness of government institutions. B. shave Occam. C. choose between theories of equal predictive power. D. distinguish between positive and normative statements. E. investigate instances of correlation. 1 points QUESTION 6 Thinking about what constitutes “good theory”, the simplest form of the Ptolemaic model (the one without epicycles) of the solar system was a bad theory because it A. put the Earth at the center of the solar system. B. failed to include the outer planets. C. is hard to understand. D. failed to accurately predict the locations of the planets over time. 1 points QUESTION 7 As a discipline, economics focuses on A. solving the problem of scarcity. B. money. C. examiming how we make choices in the face of scarcity. D. torturing students mentally. 1 points QUESTION 8 Ebay is probably best thought of as an example of which type of institution in our economy? A. Household B. Market C. Government D. Tradition 1 points QUESTION 9 Which of the following is the best example of a macroeconomic question? A. How do consumers decide whether to buy a house or rent an apartment? B. How does the unemployment rate affect the rate of inflation? C. How does a firm decide whether to produce in the U.S. or outsource production? D. What factors affect the price of palm oil? 1 points QUESTION 10 When we look at the following graph, we can accurately say Correlation A. only that X and Y are negatively correlated. B. only that X and Y exhibit negative causation. C. only that X and Y are positively correlated. D. that X and Y and negatively correlated. Therefore, an increase in X causes a decrease in Y.
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