Econ 1 Spring ’10 Final Exam Answers
Labor
Human Capital:don’t expect to get any significant return here very quickly
Value of the marginal product: firms typically operate when this is falling.
Unions (or voice):neo-classical economists find little to like here
Voice (or unions):“happy” workers, when they have this, are more likely to be productive
Poverty, Inequality and Discrimination
Statistical discrimination: a way of picking the best person for the job without actually testing the candidate
Poverty: the cost of food has a lot to do with determining this.
Regressive tax: this is hardly what we’re talking about when discussing the inheritance (aka death) tax.
Gini coefficient: a way to tell how far the poor are from the rich in any society
Environment
Coase therom: there are times when “we can just get along,” without any government interference
Over Use:. often the result with the existence of a common resource
Free rider problem: one of the main reasons for the existence of goods provided by the government
Option Value: this may never be used, but it’s nice to know it’s there
International
Protection: this is not the sort of thing favored by “free traders.”
Comparative advantage: “all you need” is a little of this to make trading worthwhile
Free trade: a case where we all benefits collectively, but not every individual in the group agrees
Dislocation: this is what happened to the flag makers in California when trade with South Carolina took place (in class notes)
Econ 1 Final Exam Name ______,______
last
Labor
___ unions ___ voice ___ human capital ___ value of the marginal product
A. soprano, alto, tenor and bass are the major categories
B. firms typically operate when this is falling.
C. neo-classical economists find little to like here
D. machinery that has a gentle, almost “human” way of operating
E. “happy” workers, when they have this, are more likely to be productive
F. this is likely to be very small, since the product is so crummy
G. the relationship between a man and a woman, often called marriage
H. don’t expect to get any significant return here very quickly
Poverty, Inequality and Discrimination
___ poverty ___ Gini coefficient ___ statistical discrimination ___ regressive tax
A. because of heavy loans. a situation many students find themselves in upon graduation
B. the cost of food has a lot to do with determining this.
C. a way of measuring the amount of discrimination, in percentage rather than absolute terms
D. this is hardly what we’re talking about when discussing the inheritance (aka death) tax.
E. a way to tell how far the poor are from the rich in any society
F. a tax that gets smaller and smaller, the farther in time you get.
G a way of picking the best person for the job without actually testing the candidate
H. the size of Aladdin’s Lamp is determined by this indicator
Environment
___ over use ___ Coase theorem ___ option value ___ free rider problem
A. often the result with the existence of a common resource
B. one of the main reasons for the existence of goods provided by the government
C this may never be used, but it’s nice to know it’s there
D. a difficulty encountered when picking up hitch hikers.
E. a very complicated aspect when investing in the stock market.
F. spending too much time in front of the bube-tube
G. a very rough theory, often in need of considerable refinement.
H. there are times when “we can just get along,” without any government interference
International
___ protection ___ comparative advantage ___ dislocation __ free trade
A. a frequent occurrence when one’s cleats get stuck in the mud.
B. “all you need” is a little of this to make trading worthwhile
C a case where we all benefits collectively, but not every individual in the group agrees
D. the taller of two individuals is said to have this in the game of basketball
E. a situation where the exchange of baseball cards is done without any exchange of money
F. this is what happened to the flag makers in California when trade with South Carolina took place (in class notes)
G. an important part of any campaign devoted to reducing AIDS
H. this is not the sort of thing favored by “free traders.”