Econ 1740 Final || with 100% Correct Answers.
Pessimism is... correct answers Exaggerated and we should leave the class optimistic
People are more _________ than people in the past correct answers Educated
People with a college degree do better than .... correct answers People with a high school
diploma
The death of Nathan Rothschild illustrates ... correct answers The richest people in the past aren't
as well off as us today
relative to the past we see... correct answers Life expectancy has increased, poverty rates are
lower, violence has decreased, people on average are taller, people work less, the world is more
democratic
Women are more educated then men today, yet men dominate most leadership positions
therefore correct answers Discrimination is the most likely explanation for this concerning
leadership positions
The United States employs... correct answers Mixed Capitalism which means we primarily
employ market, but the government serves an important role as well
Ideologues move from conclusion to....
Science moves from evidence to.... correct answers evidence
conclusion
Political partisans have a difficult time... correct answers hearing information that contradicts
their beliefs
People respond to: correct answers Incentives!
Path dependency helps us understand why the world is the way it is today... Some examples are:
correct answers The story of English law and the Magna Carta
The Erie Canal
The typewriter keyboard
For much of human history persistent economic growth was: correct answers Essentially zero
Economic growth is primarily due to correct answers Technological change
For much of human history societies employed: correct answers Extractive institutions and these
do not see persistent economic growth
The Malthusian population theory was essentially true for most of human history until... correct
answers Thomas Malthus wrote down the theory in 1798
, Stupid is: correct answers defined in terms of effort and not innate ability
The division of labor leads to correct answers greater efficiency in production but can also cause
people to become stupid and ignorant according to Adam Smith
Adam Smith believed... correct answers Markets were more efficient than government, but
governments should still regulate banking, encourage competition, and educate people. He also
favored progressive taxation.
Federal government employment has... correct answers not changed much in the past 50 years.
So government is not getting bigger and bigger
Most government employment is at a state and local level.
State:
Local: correct answers State - Public Welfare
Local - Education
What is the federal government?? correct answers A giant insurance company with guns
The United States is a _________ relative to other nations, and tax rates today are much lower
than they were in the correct answers low tax nation, 1940s and 1950s
Government in a mixed capitalist system performs the following functions: correct answers
provide public goods
provide a system of common laws
promote effective and workable competition
correct for externalities
ensure economic stability and growth
decide whose liberty matters
per capita income has grown from correct answers $1200 to about $55,000, which is 50 times in
the last 225 years
If growth continues growing at a 2% rate per year than.... correct answers We will surpass
$100,000 in per capita in our working life and if you live past 80 you could see it go up to
$200,000
United States is not the richest nation and more income = happier, yet correct answers The U.S.
is still very happy
What drives voting for the president in the 20th and 21st century? correct answers Economic
growth and inflation
Prior to the 20th century economic growth and inflation didn't impact voting because... correct
answers economic growth wasn't considered normal
Pessimism is... correct answers Exaggerated and we should leave the class optimistic
People are more _________ than people in the past correct answers Educated
People with a college degree do better than .... correct answers People with a high school
diploma
The death of Nathan Rothschild illustrates ... correct answers The richest people in the past aren't
as well off as us today
relative to the past we see... correct answers Life expectancy has increased, poverty rates are
lower, violence has decreased, people on average are taller, people work less, the world is more
democratic
Women are more educated then men today, yet men dominate most leadership positions
therefore correct answers Discrimination is the most likely explanation for this concerning
leadership positions
The United States employs... correct answers Mixed Capitalism which means we primarily
employ market, but the government serves an important role as well
Ideologues move from conclusion to....
Science moves from evidence to.... correct answers evidence
conclusion
Political partisans have a difficult time... correct answers hearing information that contradicts
their beliefs
People respond to: correct answers Incentives!
Path dependency helps us understand why the world is the way it is today... Some examples are:
correct answers The story of English law and the Magna Carta
The Erie Canal
The typewriter keyboard
For much of human history persistent economic growth was: correct answers Essentially zero
Economic growth is primarily due to correct answers Technological change
For much of human history societies employed: correct answers Extractive institutions and these
do not see persistent economic growth
The Malthusian population theory was essentially true for most of human history until... correct
answers Thomas Malthus wrote down the theory in 1798
, Stupid is: correct answers defined in terms of effort and not innate ability
The division of labor leads to correct answers greater efficiency in production but can also cause
people to become stupid and ignorant according to Adam Smith
Adam Smith believed... correct answers Markets were more efficient than government, but
governments should still regulate banking, encourage competition, and educate people. He also
favored progressive taxation.
Federal government employment has... correct answers not changed much in the past 50 years.
So government is not getting bigger and bigger
Most government employment is at a state and local level.
State:
Local: correct answers State - Public Welfare
Local - Education
What is the federal government?? correct answers A giant insurance company with guns
The United States is a _________ relative to other nations, and tax rates today are much lower
than they were in the correct answers low tax nation, 1940s and 1950s
Government in a mixed capitalist system performs the following functions: correct answers
provide public goods
provide a system of common laws
promote effective and workable competition
correct for externalities
ensure economic stability and growth
decide whose liberty matters
per capita income has grown from correct answers $1200 to about $55,000, which is 50 times in
the last 225 years
If growth continues growing at a 2% rate per year than.... correct answers We will surpass
$100,000 in per capita in our working life and if you live past 80 you could see it go up to
$200,000
United States is not the richest nation and more income = happier, yet correct answers The U.S.
is still very happy
What drives voting for the president in the 20th and 21st century? correct answers Economic
growth and inflation
Prior to the 20th century economic growth and inflation didn't impact voting because... correct
answers economic growth wasn't considered normal
