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Econ 101 Midterm 1 Review Week 1-7 questions and answers complete solution 2024/2025
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Econ 101 Midterm 1 Review Week 1-7 questions and answers complete solution 2024/2025
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Econ 101 Midterm 1 Review Week 1 -7 Economics The study of how society allocates its scarce resources to meet its unlimited wants and desires. Politics Matters Which of the following is not one of the five fundamental principles of economics that will guide our study of economic history? Suppose we observe two events - event X and event Y - happening at the same time in US history. Why should we be cautious in concluding that event X caused event Y? All of these are legitimate concerns. Which of the following is most accurate about ownership of household goods, such as flush toilets, refrigerators, televisions, clothes dryers and automobiles? Americans at the poverty level in 2005 own these goods at higher rates than average households in 1950 Which of the following about GDP is not true? GDP is a better measure of standards of living than GDP per capita Which of the following is true about GDP per capita in the United States over the last 150 years? On average, it has grown around 2% per year path dependence The idea that small differences in the institutional structure of Spanish and British colonies led to very different institutional structures and contributed to gaps in economic outcomes between contemporary Mexico and the United States is an example of: Suppose 10 workers jointly own and farm a piece of land. They all consume the farm's output in equal shares. If one worker decides to shirk and cuts her labor effort by 50 percent, her consumption will decrease by less than 50 percent Which of the following is not a means to grow the economy? A. All of these would grow the economy B. Using existing technology and resources more efficiently C. Developing new, more productive technologies D. Growing the labor force and expanding access to natural resources A. All of these would grow the economy Which of the following would be an implication of private property being held communaly, as a public good? A. All of the above. B. Property would be better managed and would be used more efficiently. C. The fairness of the system would increase the incentives for individuals to work as hard as possible. D. Individuals would have incentive to free ride, meaning they could work less hard and enjoy the benefits of everyone else's work. D. Individuals would have incentive to free ride, meaning they could work less hard and enjoy the benefits of everyone else's work. Which of the following is true about the structural composition of the US economy? A. The service sector has played an increasingly important role for generating individuals' livelihoods over the course of US history. B. The manufacturing sector has always been more important than the agricultural sector. C. All of these are true. D. The manufacturing sector has played an increasingly important role for generating individuals' livelihoods over the course of US history. A. The service sector has played an increasingly important role for generating individuals' livelihoods over the course of US history. A. Fishing B. Farming C.Tobacco Production D.Shipbuilding C. Tobacco Production Which one of the following economic activities was NOT generally undertaken in New England in the colonial period Most towns were initially established at locations with A. in mountainous areas which provided better protection against Indians. B. an excellent harbor and flat land so roads could be easily built into the hinterlands. C. extensive forests to provide fuel and lumber. D. an excellent harbor and river stretching into the hinterland. D. an excellent harbor and river stretching into the hinterland. The comparative advantage of the South was in A. shipbuilding and trades related to shipbuilding. B. plantation agriculture producing for export. C. manufacturing.The benefits of buying summaries with Stuvia:
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