PBPL001 Quiz

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School

University of Notre Dame *

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Course

PUBLIC POL

Subject

Economics

Date

Feb 20, 2024

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pdf

Pages

18

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PBPL001: Quiz Questions (42) 1 - Quiz A competitor can capture market share by... Undercutting prices Increasing sales Increasing pro±ts All of the above 2 - True or false A lack of competition allows prices to stay high. True False
3 - Quiz Wealth maximization in a market occurs when... When the social cost equals the social bene±t When the social cost does not equal the social bene±t 4 - Quiz The last unit produced costs $50, and the willingness to pay for the last unit is $75. Should we produce the last unit? Yes No I don't know. I need to ask Professor Babcock 5 - True or false The term 'excludable' means "only people who pay for the good can consume it." True False
6 - True or false The term 'non-rivalrous' means, "Once I consume the good, then it is no longer available for others." True False 7 - Quiz What are some examples of negative externalities? Noise pollution Mass transit Second-hand smoke Any cost borne by third parties
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8 - Quiz A pure private good is... Non-excludable Non-rivalrous Rivalous Excludable 9 - Quiz What are some examples of pure private goods? Cell Phone Insurance Food All of the above
10 - True or false The private sector best provides pure private goods, BUT sometimes they fail to deliver ef±ciency. True False 11 - Quiz Who is Joseph Stiglitz? Professor of Economics Nobel Prize winner A CEO of a monopoly Advocate for strong government action 12 - True or false Life expectancy in the U.S. is on track to increase in the future. True False
13 - True or false A society where mobility is low indiciates low equality of opportunity. True False 14 - Quiz Which policies lead to stronger economic growth? Nutrition programs Healthcare for low-income individuals Affordable housing All of the above 15 - True or false According to Friedman, government coercion is the #1 risk to personal liberty. True False
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16 - Quiz Who are liberals? Donald Trump Milton Friedman Ronald Reagan Joesph Stiglitz 17 - Quiz What do liberals generally support? Individual rights All of the above Economic and political freedom Rule of Law
18 - Quiz According to Stiglitz, what is not a solution to stop the growing inequality the world faces today? Strengthening the earned-income-tax credit Better corporate governance The increase in minimum wage A growing ±nancial sector focused on rent-seeking 19 - Quiz What was the de±nition of Liberalism in the late 18th century? Have the government control every part of our lives To focus more on equality than freedom Reduce the role of the state democratically, supported by the Laissez Faire Have the government enforce the rules on society
20 - True or false Do all market exchanges involve free trades that bene±t the people involved? True False 21 - Quiz According to Naked Economics, how can one bridge the gap between private and social costs? Taxes Increase prices on goods Law & Legislations All of the above 22 - True or false Even with good intentions, regualtions can negatively impact the economy. True False
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23 - Quiz Based on the course reading by Milton Friedman, his views about government are most consistent with: Keynesianism Authoritarianism Liberalism 24 - Quiz What happens if sellers have less product and an in²ux of buyers? Higher price signals seller to produce more because pro±ts increase Lower prices will reduce seller pro±t, and less will be produced Price will tend to fall Price will tend to rise 25 - True or false 'Rents' are primarily used to bene±t people in the political arena. True False
26 - Quiz What describes an illiberal democracy? Elections take place, but they don't necessarily matter Lacks civil liberties & institutions Wants their citizens to be well educated Prefers their citizens to participate in activities 27 - Quiz What did Victor Orbán advocate for? Freedom of Speech Eliminate political debate through a force of power Participation in sustainable practices Free public transportation
28 - Quiz Which of these are on the 'Athoritarian Checklist'? Limit minority & women's rights Grant freedom of assembly Be honest with the People Win elections on fear & populist promises 29 - True or false "Voter security" laws are aimed at depressing vote of political opposition. True False
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30 - Quiz In the assigned reading written by Stiglitz, he... Is generally consistent with Milton Friedman's policy preferences Argues for expansive government policy to reduce opportunity inequality Argues for socialism Addresses different questions than those addressed by Milton Friedman. 31 - Quiz Which of the following goods is rivalrous? Can of Diet Coke A light beam from a lighthouse A Net²ix movie Non-congested public road
32 - Quiz When might policy have unintended consequences? Rent-seeking Failed economy Moral Hazard Lack of legitimacy of government action All of the above 33 - Quiz "A 'level playing ±eld' is where all economic actors recieve equal treatment under the law." What does this describe? Crony capitalism Non-crony capitalism 34 - True or false Developer relationships with LA City Council members is an example of crony capitalism. True False
35 - Quiz What are some examples of moral hazards? Subsidized ²ood insurance incentives Subsidized crop insurance incentives Banks that are "too big to fail" taking risks None of the above All of the above 36 - Quiz California requires new homes to have solar panels. What kind of policy is this? Tax Market-based instrument Direct regulation Persuasion/Education
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37 - Quiz Which of the following is not a public good? Municipal parks Basic research Riverside's electric utility system Fire Protection All of the above are public goods 38 - True or false The U.S. tends to ignore some public problems and intervens in private decisions. True False
39 - Quiz What is considered a "market failure"? Lack of competition in the marketplace Public goods Externalities All of the above 40 - True or false PBPL001 Midterm #1 is on Monday, February 6th. True False 41 - True or false There is free response questions on Midterm #1. True False
42 - True or false You need to bring an electronic device to class to take Midterm #1. True False
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