Posted: June 21st, 2024

In the case of the soviet factory workers who discovered

QUESTION 1In the case of the soviet factory workers who discovered a technologic innovation that allowed them to increase productivity by 30%, why didn’t they reveal to their supervisors or government officials the new technology?a. They were afraid to be punishedb. They knew that the technological innovation was illegalc. With the ratchet, there was little incentive to reveal itd. There was no longer any ratchet, and therefore no incentive to reveal ite. They were trying to make a political protestf. They were not very smart and did not understand that revealing it would make them very well off2 pointsQUESTION 2What is the chief characteristic of Stage 2 in the demographic transition?a. Low death rates and high birth ratesb. Low birth rates and high death ratesc. Low birth rates and low death ratesd. High death rates and high birth ratese. Low death rates and high – but declining – birth rates2 pointsQUESTION 3What is the primary difference between a developing economy and an underdeveloped economy?a. nothing; the two terms are synonymousb. developing economies have a low level of development, but are on the development road; underdeveloped economies have low levels of development and are not on the development roadc. underdeveloped economies have a low level of development, but are on the development road; developing economies have low levels of development and are not on the development roadd. developing economies all have real GDP growth rates that are higher than their nominal GDP growth rates; underdeveloped economies do note. underdeveloped economies all have real GDP growth rates that are higher than their nominal GDP growth rates; developing economies do not2 pointsQUESTION 4How does growth differ from development?a. Development is real, growth is nominalb. Development is nominal; growth is realc. There is no real difference; they are different terms for the same thingd. Growth always entails qualitative change, development is only quantitativee. Development always entails qualitative change, growth is only quantitativef. You can teach an old dog to develop, but you can’t teach him to grow2 pointsQUESTION 5What was James Duke’s most important contribution to the cigarette industry?a. Duke was the inventor and the innovator of a cigarette-making machineb. Duke was the inventor of a cigarette-making machine c. Duke figured out how to market cigarettes in volume so that sales could keep up with the volume of output from the Bonsack cigarette-making machinesd. Duke developed a treatment for lung cancer which keep cigarette smokers alive longere. Duke figured out how to boost the nicotine content of cigarettes to make them more addictive f. Duke figured out how to get basketball players to smoke2 pointsQUESTION 6What was Elisha Otis’s most important contribution to the elevator industry? a. Otis invented the elevator b. Otis made the first elevator that move fast enough to make it worthwhile taking the elevator c. Otis recognized that the demand for elevators was being held back by safety fears and he invented and innovated an automatic elevator brake d. Otis took the elevator industry to new heights by installing elevator music that kept elevator passengers from getting scared or bored2 pointsQUESTION 7What was James Bonsack’s most important contribution to the cigarette industry?a. Bonsack was the inventor and the innovator of a cigarette-making machineb. Bonsack was the inventor of a cigarette-making machinec. Bonsack the innovator of a cigarette-making machined. Bonsack developed a treatment for lung cancer which keep cigarette smokers alive longere. Bonsack figured out how to boost the nicotine content of cigarettes to make them more addictive2 pointsQUESTION 8According to Smith, the ability of firms to embrace and adopt specialization and the division of labor was primarily limited bya. A lack of managerial training b. The extent or size of the marketc. The number of pins that could be packed in a one-pound boxd. The Labor Departmente. The ability of people to see and understand the significance of specialization and the division of labor2 pointsQUESTION 9The creators of the modern-day European Union (EU) were motivated by Adam Smith’s argument to create a large unified market that would allow European firms toa. Have a market that was as big as the American market and thereby able to better utilize specialization and the division of laborb. Monopolize world marketsc. Eliminate churn entirelyd. Retaliate against unfair American trade policies2 pointsQUESTION 10Which of the two – invention or innovation – is most critical to economic development?a. Inventionb. Innovationc. Neither is very importantd. It depends on which stage of the business cycle that we are in2 pointsQUESTION 11The CIA admitted to spending $60,000 to topple the government of Iran in 1953. Can your calculation of the cost to overthrown the Mossedegh government in today’s dollars be used to address that question as to whether it was right or wrong to topple a foreign government? Why or why not?a. No this is a normative question and the amount of money spent, in either real or nominal terms cannot address this issueb. Yes, this is a positive question and the cost of overthrowing the government in real terms is important in answering this question c. No, this type of calculation has no validity in political or moral questionsd. Yes, real calculations address all issues and are better than nominal figurese. It is impossible to tell2 pointsQUESTION 12(Note: This is a different type of fill-in question – just put your answer with a dollar sign in the answer box -NOTHING else – no commas or periods, e.g., $0000000) __________________2 pointsQUESTION 13The CIA admitted to spending $60,000 to topple the government of Iran in 1953. What is the value of $60,000 spent in 1953 in today’s money? Use the 1982-84 = 100 CPI-U index in the textbook. Round your answer to the nearest dollar. (Note: This is a different type of fill-in question – just put your answer with a dollar sign in the answer box – NOTHING else – no commas or periods, e.g., $0000000) __________________2 pointsQUESTION 14If lenders make loans at a 3% rate of interest and the economy experiences inflation of 7%, what is the real interest rate? ______________________a. 10% b. 3% c. -3% d. 0.57% e. 4% f. -4% g. -1.752 pointsQUESTION 15What is the difference between the CPI-U “headline rate” versus the CPI-U “core rate?”a. The headline rate is more accurate b. The core rate is more accurate c. The headline rate is nominal while the core rate is real d. The core rate excludes food prices and energy prices e. The core rate gives extra weight to food and energy prices because they are so important2 pointsQUESTION 16How does inflation effect the duration of contracts in the business world?a. It usually causes contracts to get longer b. It usually causes contracts to get shorter c. It works against indexing d. It promotes contract enforcement e. It usually has no effect on contracts2 pointsQUESTION 17How did U.S. prices change from 1930 through 1933? Use the 1982-84 = 100 CPI-U index in the textbook. Round your answer to the nearest whole percent. (Note: This is a different type of fill-in question. Enter a plus or minus sign, and your answer immediately followed by the % sign.) ________________________________2 pointsQUESTION 18(Use the 1967 = 100 CPI-U index in the textbook.) Round your answer to the nearest dollar. (Note: This is a different type of fill-in question – just put your answer with a dollar sign in the answer box -NOTHING else – no commas or periods, e.g., $0000000) ______________2 pointsQUESTION 19(Note: This is a different type of fill-in question – just put your answer with a dollar sign in the answer box -NOTHING else – no commas or periods, e.g., $0000000) __________________2 pointsQUESTION 20In 1968, the federal minimum wage was raised to $1.60. Today’s federal minimum wage is $7.25 (for workers with employer health benefits). In nominal terms, this is about 4.5 times the minimum wage in 1968. What was the real minimum wage in 1968 in today’s dollars? Use the 1982-84 = 100 CPI-U index in the textbook. Round your answer to the nearest cent.(Note: This is a different type of fill-in question – just put your answer with a dollar sign and a decimal point for cents in the answer box – NOTHING else , e.g., $00.00) _________________

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