GOVT 350 Midterm

GOVT 350 Midterm Liberty University

Set 1

1. According to Richards, private ownership of homes and other property
2. Which of the following effects should we expect from subsidies to ethanol production, according to the chapter “Ethanol Madness” in Miller et al.?
3. In their chapter “The Mystery of Wealth,” Miller et al. use Zimbabwe as an example of a nation with destructive legal institutions. Which of the following policies are not among those which have contributed to the decline of Zimbabwe from 1980 to recent years?
4. Common law systems, like those in the US, UK, Australia, Canada, and Israel:
5. 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?
6. Miller et al. suggest that airlines would pay a lot of attention to safety in the absence of regulation, because:
7. Of the following explanations of gender inequality in income, which do Miller et al. suggest is most important in explaining the 20 percentage point gap between what men are paid and what women are paid?
8. Miller et al. contend in their chapter “Kidneys for Sale” that allowing markets in kidneys would
9. 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?
10. According to Miller et al., wind energy is
11. The primary effect of law enforcement activities aimed at reducing the sale of illegal drugs or alcohol is to:
12. Which of the following is not consistent with Karl Marx’s ideas?
13. Raising the minimum wage, according to Miller et al., will have the effect of
14. Which of the following is true about the price system?
15. Which of the following groups are most likely to gain from an increase in the minimum wage?
16. In Iran, it is legal to sell a kidney. Suppose it became legal for Iranians to sell their kidneys to non-Iranians for whatever price is negotiated between buyer and seller. Which of the following would you expect to see as a consequence?
17. Miller, Benjamin, and North’s chapter on airline safety discusses the marginal benefits and marginal costs of safety. Their assessment is that:
18. When the FDA prevents or delays a helpful new drug from entering the US market, it is
19. Which of the following do Miller, et al. say is likely to result from an increase in the minimum wage?
20. According to Miller et al., the current Food and Drug Administration policies
21. Compared to privately directed, privately funded investments in industry,
22. Which of the following results are we most likely to see from farm subsidies?
23. According to Richards, contrasting capitalism with an unrealizable utopian ideal, rather than real alternatives, is a variety of
24. Miller et al. point out that one of the effects of prohibiting various substances, such as drugs or alcohol, has been to:
25. According to Marx, the value of a good is determined by
26. The Plymouth Colony in Massachusetts experimented with communism in 1620, holding farmland communally and dividing food equally among the colonists. The result of this system was
27. Of the factors affecting economic growth in a nation, which is likely to be the most important, according to Miller et al.?
28. A “compensating differential” in labor markets, discussed by Miller et al. in their chapter “(Why) Are Women Paid Less,” is
29. Taxicab licensing in New York City has which of the following effects?
30. 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
31. Which of the following is not consistent with the economic way of thinking?
32. When governments impose price ceilings, such as a rent control law,
33. Miller et al. say that the average real estate agent’s commission in the US is 5.1%, whereas in other countries, it is only 3.6%. The authors say that this is because of:
34. When two people voluntarily exchange goods,
35. In Iran, it is legal to pay people for human organs. As a result,
36. The fact that airplanes crash implies that
37. Which of the following are consequences we can expect from rent control laws?
38. Ethanol subsidies help corn farmers but hurt taxpayers. But taxpayers far outnumber corn farmers and could outvote them. Why, according to Miller et al., have corn farmers been able to get favorable political treatment?
39. Economists typically believe that, when it comes to the market for drugs and alcohol,
40. Which of the following is most effective at reducing poverty, according to Richards?

Set 2

1. Which of the following groups are most likely to gain from an increase in the minimum wage?
2. A “compensating differential” in labor markets, discussed by Miller et al. in their chapter “(Why) Are Women Paid Less,” is
3. Ethanol subsidies help corn farmers but hurt taxpayers. But taxpayers far outnumber corn farmers and could outvote them. Why, according to Miller et al., have corn farmers been able to get favorable political treatment?
4. According to Miller et al., wind energy is
5. According to Marx, the value of a good is determined by
6. When governments impose price ceilings, such as a rent control law,
7. When two people voluntarily exchange goods,
8. Miller et al. point out that one of the effects of prohibiting various substances, such as drugs or alcohol, has been to:
9. In Iran, it is legal to pay people for human organs. As a result,
10. According to Richards, contrasting capitalism with an unrealizable utopian ideal, rather than real alternatives, is a variety of
11. In their chapter “The Mystery of Wealth,” Miller et al. use Zimbabwe as an example of a nation with destructive legal institutions. Which of the following policies are not among those which have contributed to the decline of Zimbabwe from 1980 to recent years?
12. Which of the following is true about the price system?
13. Which of the following do Miller, et al. say is likely to result from an increase in the minimum wage?
14. Of the factors affecting economic growth in a nation, which is likely to be the most important, according to Miller et al.?
15. The primary effect of law enforcement activities aimed at reducing the sale of illegal drugs or alcohol is to:
16. Compared to privately directed, privately funded investments in industry,
17. Which of the following is most effective at reducing poverty, according to Richards?
18. Raising the minimum wage, according to Miller et al., will have the effect of
19. According to Miller et al., the current Food and Drug Administration policies
20. The fact that airplanes crash implies that
21. Common law systems, like those in the US, UK, Australia, Canada, and Israel:
22. Which of the following do Miller et al. suggest is most important in explaining the 20 percentage point gap between what men are paid and what women are paid?
23. Miller et al. contend in their chapter “Kidneys for Sale” that allowing markets in kidneys would
24. According to Richards, private ownership of homes and other property
25. Which of the following effects should we expect from subsidies to ethanol production, according to Miller et al.?
26. Miller et al. say that the average real estate agent’s commission in the US is 5.1%, whereas in other countries, it is only 3.6%. The authors say that this is because of:
27. The Plymouth Colony in Massachusetts experimented with communism in 1620, holding farmland communally and dividing food equally among the colonists. The result of this system was
28. Taxicab licensing in New York City has which of the following effects?
29. Which of the following is not consistent with the economic way of thinking?
30. When the FDA prevents or delays a helpful new drug from entering the US market, it is
31. 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
32. 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?
33. Miller et al. suggest that airlines would pay a lot of attention to safety in the absence of regulation, because:
34. Miller, Benjamin, and North’s chapter on airline safety discusses the marginal benefits and marginal costs of safety. Their assessment is that:
35. 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?
36. Economists typically believe that, when it comes to the market for drugs and alcohol,
37. Which of the following is not consistent with Karl Marx’s ideas?
38. In Iran, it is legal to sell a kidney. Suppose it became legal for Iranians to sell their kidneys to non‐Iranians for whatever price is negotiated between buyer and seller. Which of the following would you expect to see as a consequence?
39. Which of the following results are we most likely to see from farm subsidies?
40. Which of the following are consequences we can expect from rent control laws?