QUESTION 1 1. In the case of the soviet factory workers who discovered a technol

Question

QUESTION 1 1. In 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 punished b. They knew that the technological innovation was illegal c. With the ratchet, there was little incentive to reveal it d. There was no longer any ratchet, and therefore no incentive to reveal it e. They were trying to make a political protest f. They were not very smart and did not understand that revealing it would make them very well off 2 points QUESTION 2 1. What is the chief characteristic of Stage 2 in the demographic transition? a. Low death rates and high birth rates b. Low birth rates and high death rates c. Low birth rates and low death rates d. High death rates and high birth rates e. Low death rates and high - but declining - birth rates 2 points QUESTION 3 1. What is the primary difference between a developing economy and an underdeveloped economy? a. nothing; the two terms are synonymous b. 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 road c. 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 road d. developing economies all have real GDP growth rates that are higher than their nominal GDP growth rates; underdeveloped economies do not e. underdeveloped economies all have real GDP growth rates that are higher than their nominal GDP growth rates; developing economies do not 2 points QUESTION 4 1. How does growth differ from development? a. Development is real, growth is nominal b. Development is nominal; growth is real c. There is no real difference; they are different terms for the same thing d. Growth always entails qualitative change, development is only quantitative e. Development always entails qualitative change, growth is only quantitative f. You can teach an old dog to develop, but you can’t teach him to grow 2 points QUESTION 5 1. What was James Duke’s most important contribution to the cigarette industry? a. Duke was the inventor and the innovator of a cigarette-making machine b. 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 machines d. Duke developed a treatment for lung cancer which keep cigarette smokers alive longer e. 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 smoke 2 points QUESTION 6 1. What 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 bored 2 points QUESTION 7 1. What was James Bonsack’s most important contribution to the cigarette industry? a. Bonsack was the inventor and the innovator of a cigarette-making machine b. Bonsack was the inventor of a cigarette-making machine c. Bonsack the innovator of a cigarette-making machine d. Bonsack developed a treatment for lung cancer which keep cigarette smokers alive longer e. Bonsack figured out how to boost the nicotine content of cigarettes to make them more addictive 2 points QUESTION 8 1. According to Smith, the ability of firms to embrace and adopt specialization and the division of labor was primarily limited by a. A lack of managerial training b. The extent or size of the market c. The number of pins that could be packed in a one-pound box d. The Labor Department e. The ability of people to see and understand the significance of specialization and the division of labor 2 points QUESTION 9 1. The 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 to a. Have a market that was as big as the American market and thereby able to better utilize specialization and the division of labor b. Monopolize world markets c. Eliminate churn entirely d. Retaliate against unfair American trade policies 2 points QUESTION 10 1. Which of the two – invention or innovation – is most critical to economic development? a. Invention b. Innovation c. Neither is very important d. It depends on which stage of the business cycle that we are in 2 points QUESTION 11 1. The 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 issue b. 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 questions d. Yes, real calculations address all issues and are better than nominal figures e. It is impossible to tell 2 points QUESTION 12 1. Go to the discussion of Henry Ford in Chapter 8. By 1927, a new Model T cost $280. What is the value of the 1927 Model T in Today’s dollars? (Use the 1967 = 100 CPI-U index in the textbook.) Round to the nearest dollar. Note: The index value for today = 711.1 (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 points QUESTION 13 1. The 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 points QUESTION 14 1. If 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. -1.75 2 points QUESTION 15 1. What 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 important 2 points QUESTION 16 1. How 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 contracts QUESTION 17 How 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 points Save Answer QUESTION 18 Go to the discussion of Henry Ford in Chapter 8. Ford introduced the Model T in 1908 at a selling price of $850. What is the value of the 1908 Model T in Today’s dollars? (Use the 1967 = 100 CPI-U index in the textbook.) Round to the nearest dollar. Note: The index value for today = 711.1 (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 points Save Answer QUESTION 19 Go to the discussion of Henry Ford in Chapter 8. Prior to selling the Model T, Ford's biggest selling model was the Model K which sold for $2,800. What is the value of the 1906 Model K in Today’s dollars? (Use the 1967 = 100 CPI-U index in the textbook.) Round to the nearest dollar. Note: The index value for today = 711.1 (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 points Save Answer QUESTION 20 In 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) _________________

Explanation / Answer

1.1) c) With the ratchet, there was little incentive to reveal it.

2.1)a) Low death rate and high birth rate.

3.1)d) developing economies all have real GDP growth rates that are higher than their nominal GDP growth rates; underdeveloped economies do not.

4.1 e) Development always entails qualitative change, growth is only quantitative

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