GOVT 350 Final

GOVT 350 Final Liberty University

Set 1

1. If barriers to trade tend to slow economic growth and make most Americans worse off, why do economists think trade barriers continue to exist?
2. According to Richards, human beings
3. Compared to privately directed, privately funded investments in industry,
4. When two people voluntarily exchange goods,
5. Which of the following is not consistent with the economic way of thinking?
6. Purchasing power parity is a concept used to:
7. Raising the minimum wage, according to Miller et al., will have the effect of
8. In the United States, water usage for agriculture is
9. Ultimately, imports are paid for with
10. Which of the following statements about recycling and landfill usage is false?
11. When countries specialize in the kinds of goods and services in which it has a comparative advantage, this means that
12. Miller et al. point out that one of the effects of prohibiting various substances, such as drugs or alcohol, has been to:
13. When costs of a production or consumption decision are borne by someone other than the decision maker, economists call this a
14. Max Weber’s “spirit of capitalism,” mentioned in Richards’ book, was
15. Tariffs and quotas are policies to limit imports. These policies are a form of
16. Which of the following would be considered a nonrenewable resource?
17. Management of fisheries by governments that include limits on the number of fishers, limits on the size of boats they use, regulations on the kind of fishing gear that may be used, etc., is known as
18. “Buying local” is
19. As a result of global specialization and trade,
20. Miller, Benjamin, and North’s chapter on airline safety discusses the marginal benefits and marginal costs of safety. Their assessment is that:
21. In Iran, it is legal to pay people for human organs. As a result,
22. In several states, music therapists—who use music to aid in healing—have successfully persuaded their state governments to license their occupation, so that no one who has not satisfied the state’s qualification requirements can advertise as a music therapist. Which group would not benefit from these additional requirements?
23. Which of the following is the best definition of the term protectionism as used by economists?
24. Which of the following effects should we expect from subsidies to ethanol production, according to Miller et al.?
25. Miller et al., in the chapter “Student Loans, point out that the burden of unpaid student loans has been shifting to since 2010, when the federal government forced commercial banks out of the market.
26. Which of the following is true?
27. Which of the following do Miller, et al. say is likely to result from an increase in the minimum wage?
28. Uber is a taxicab alternative, providing smartphone links between people wanting rides and drivers willing to take people where they want to go. Which of the following would we not expect when Uber begins to operate in a city?
29. Nations trade because
30. In chapter 8 of his book, Richards discusses resource use. He contends that
31. Which of the following are consequences we can expect from rent control laws?
32. Fish have been overharvested in the world’s oceans, while cattle have not been overharvested on ranches. Miller et al. suggest that the reason for this is:
33. Miller et al. point out in “What to Do About the Climate?” that rising CO2 concentrations and rising global temperatures can produce beneficial effects. These include all of the following except:
34. Believing that charging interest on money is always exploitative is
35. When governments impose price ceilings, such as a rent control law,
36. It is costly for voters to gain information about the positions of candidates for political office and the decisions of elected officials. So individual voters make decisions with limited information about the activities of politicians. This is called
37. When companies become more bureaucratic, top-heavy, slower to react to change, and generally inefficient as they grow larger, we call this
38. In chapter 8 of his book, Richards points out that population growth rates around the world
39. Following from Miller, Benjamin, and North’s chapter “Save That Species,” efforts to preserve a species are likely to be most effective when
40. Which of the following is not consistent with Karl Marx’s ideas?
41. Which of the following is most accurate?
42. The purpose of the Big Mac Per Hour index mentioned by Miller et al. is to:
43. Which of the following is most effective at reducing poverty, according to Richards?
44. When tariffs and quotas restrict the number of imported cars coming into the United States,
45. Prices of which of the following would affect a country’s exchange rate?
46. Economists typically believe that, when it comes to the market for drugs and alcohol,
47. The purpose of the Big Mac Index is to:
48. When a company becomes more efficient as it gets larger, we call this
49. Of the factors affecting economic growth in a nation, which is likely to be the most important, according to Miller et al.?
50. Miller et al. in the chapter “Student Loans” show evidence that the increased availability of student loans has

Set 2

1. Economists typically believe that, when it comes to the market for drugs and alcohol,
2. Miller et al. point out that one of the effects of prohibiting various substances, such as drugs or alcohol, has been to:
3. Prices of which of the following would affect a country’s exchange rate?
4. It is costly for voters to gain information about the positions of candidates for political office and the decisions of elected officials. So individual voters make decisions with limited information about the activities of politicians. This is called
5. Nations trade because
6. In the United States, water usage for agriculture is
7. When two people voluntarily exchange goods,
8. Of the factors affecting economic growth in a nation, which is likely to be the most important, according to Miller et al.?
9. When countries specialize in the kinds of goods and services in which it has a comparative advantage, this means that
10. Which of the following is most likely to result in a reduction of the volume of garbage that must be disposed of?
11. Taxicab licensing in New York City has which of the following effects?
12. Which of the following is the best definition of the term protectionism as used by economists?
13. Miller, Benjamin, and North’s chapter on airline safety discusses the marginal benefits and marginal costs of safety. Their assessment is that:
14. According to Miller et al., catch share systems, which involve transferable property rights in a quota of fish that may be caught, have which of the following effects?
15. “Buying local” is
16. In Iran, it is legal to pay people for human organs. As a result,
17. Which of the following do Miller, et al. say is likely to result from an increase in the minimum wage?
18. In chapter 8 of his book, Richards points out that population growth rates around the world
19. Which of the following is not consistent with Karl Marx’s ideas?
20. Ultimately, imports are paid for with
21. Management of fisheries by governments that include limits on the number of fishers, limits on the size of boats they use, regulations on the kind of fishing gear that may be used, etc., is known as
22. Purchasing power parity is a concept used to:
23. Compared to privately directed, privately funded investments in industry,
24. Miller et al. contend that the EPA’s rules on reformulated gasoline have led to unintended problems. These include all of the following except:
25. Which of the following is most accurate?
26. Which of the following is true?
27. Max Weber’s “spirit of capitalism,” mentioned in Richards’ book, was
28. Which of the following statements about recycling is false?
29. Which of the following is most effective at reducing poverty, according to Richards?
30. Fish have been overharvested in the world’s oceans, while cattle have not been overharvested on ranches. Miller et al. suggest that the reason for this is:
31. In chapter 8 of his book, Richards discusses resource use. He contends that
32. Which of the following would be considered a nonrenewable resource?
33. When tariffs and quotas restrict the number of imported cars coming into the United States,
34. When governments impose price ceilings, such as a rent control law,
35. The purpose of the Big Mac Per Hour index mentioned by Miller et al. is to:
36. When companies become more bureaucratic, top‐heavy, slower to react to change, and generally inefficient as they grow larger, we call this
37. Which of the following are consequences we can expect from rent control laws?
38. Tariffs and quotas are policies to limit imports. These policies are a form of
39. In several states, music therapists—who use music to aid in healing—have successfully persuaded their state governments to license their occupation, so that no one who has not satisfied the state’s qualification requirements can advertise as a music therapist. Which group would not benefit from these additional requirements?
40. Following from Miller, Benjamin, and North’s chapter “Save That Species,” efforts to preserve a species are likely to be most effective when
41. According to Richards, human beings
42. Believing that charging interest on money is always exploitative is
43. Which of the following effects should we expect from subsidies to ethanol production, according to Miller et al.?
44. Which of the following is true?
45. Raising the minimum wage, according to Miller et al., will have the effect of
46. Many counties in the US routinely accept garbage shipped from other states. This is because
47. When costs of a production or consumption decision are borne by someone other than the decision maker, economists call this a
48. The enormous costs and doubtful financial viability of Social Security have not resulted in fundamental change to the program, or a shift to private alternatives, because
49. When a company becomes more efficient as it gets larger, we call this
50. Which of the following is not consistent with the economic way of thinking?