MICROECONOMICS-ACCESS CARD <CUSTOM>
MICROECONOMICS-ACCESS CARD <CUSTOM>
11th Edition
ISBN: 9781266285097
Author: Colander
Publisher: MCG CUSTOM
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Chapter 2, Problem 5IP
To determine

Impact on production possibility curve when everybody could fake honesty.

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When Paul Samuelson switched from physics to economics, Robert Solow is said to have remarked that the average IQ in both disciplines went up. A bystander responded that Solow's claim must be wrong because it implies that the average IQ for academia as a whole (which is a weighted average of the average IQ levels for each discipline) must also have gone up as a result of the switch, which is clearly impossible. Was the bystander right? A) Yes. If the average in both disciplines goes up then the population average must also rise. B) No. There is not enough information about the average IQ for the population. C) Yes. The weights may change so that the population average also increases. D) No. If those in physics had IQs above average and those in economics has IQs below average, then the population average need not have changed.
For each of the following, indicate how you might apply the four core principles of economics (the cost benefit principle, the opportunity cost principle, the marginal principle, or the interdependence principle). You are considering whether you should vote in the next election. You watch a beautiful sunset from the back porch of your home. Should you major in economics or philosophy? Should you and your spouse purchase a second vehicle?
One of the famous Utopian Socialists, Robert Owen, disagreed with Adam Smith that self-interest would bring harmony of interest. Explain his viewpoint on the relationship between human character and their surrounding environment and the social revolution that he introduced in his New Lanark Mills in order to prove his theory.  Explain in brief why Marxian Socialism dismissed the moderate approach used by Utopian and Christian Socialism to eradicate the worst aspect of Capitalism
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