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Question: Use the green side of the scantron, write next to your name which exam version you have. A or B. ...

Show transcribed image text Use the green side of the scantron, write next to your name which exam version you have. A or B. Turn in the scantron and keep the exam itself, if you are interested I can give you the next semester. 40 questions total, each worth 2 1/2 points. mark Tor F for what you think is the best answer. T or F. Sowell s "rule" is that labor is not a scarce resource. T or F. The risk premia on bond yields decreases when there is increased "regime uncertainty." T or F. The "border adjustment tax" as discussed in class means that the Trump administration's proposed wall with Mexico will be financed by Mexico and not consumers in the USA. T or F. The World Trade Organization (WTO) has achieved free trade since its creation at Bretton Woods in 1944. T or F. The more mobile are the factors of production the higher the economic growth. T or F. A collective good, as opposed to a normal economic good, means that no free-riding is possible. T or F. In Mankiw's "economists agree", most economists find that the minimum wage is needed to ensure that those worse-off in society can find employment. T or F. Economic freedom in the USA as measured by research institutions interested in this area is greater than it was ten years ago. T or F. "rent-seeking" in welfare economics usually means that there is a transfer of value from the producers to the consumers of goods in a market as well as a deadweight to society. T or F. A negative externality occurs when all the costs of a transaction are not captured in the market exchange. T or F. The marginal productivity theory of distribution (MPTD) is defined as economic distribution where the factors of production earn the value they create through exchange. T or F. One reason labor unions in the US might oppose the minimum wage is because employers are less likely to hire labor union employees at the lower than "market clearing" minimum wage. T or F. It was Karl Marx who said "inflation everywhere and at all times is a monetary phenomenon." T or F. Hayekians believe that regulators have more knowledge than market participate themselves. T or F. The Coase Theorem states that if property right's regimes are enlarged to take into consideration all parties effected by a transaction that this will reduce negative spillovers cooperatively as opposed to coercively.

Use the green side of the scantron, write next to your name which exam version you have. A or B. Turn in the scantron and keep the exam itself, if you are interested I can give you the next semester. 40 questions total, each worth 2 1/2 points. mark Tor F for what you think is the best answer. T or F. Sowell s "rule" is that labor is not a scarce resource. T or F. The risk premia on bond yields decreases when there is increased "regime uncertainty." T or F. The "border adjustment tax" as discussed in class means that the Trump administration's proposed wall with Mexico will be financed by Mexico and not consumers in the USA. T or F. The World Trade Organization (WTO) has achieved free trade since its creation at Bretton Woods in 1944. T or F. The more mobile are the factors of production the higher the economic growth. T or F. A collective good, as opposed to a normal economic good, means that no free-riding is possible. T or F. In Mankiw's "economists agree", most economists find that the minimum wage is needed to ensure that those worse-off in society can find employment. T or F. Economic freedom in the USA as measured by research institutions interested in this area is greater than it was ten years ago. T or F. "rent-seeking" in welfare economics usually means that there is a transfer of value from the producers to the consumers of goods in a market as well as a deadweight to society. T or F. A negative externality occurs when all the costs of a transaction are not captured in the market exchange. T or F. The marginal productivity theory of distribution (MPTD) is defined as economic distribution where the factors of production earn the value they create through exchange. T or F. One reason labor unions in the US might oppose the minimum wage is because employers are less likely to hire labor union employees at the lower than "market clearing" minimum wage. T or F. It was Karl Marx who said "inflation everywhere and at all times is a monetary phenomenon." T or F. Hayekians believe that regulators have more knowledge than market participate themselves. T or F. The Coase Theorem states that if property right's regimes are enlarged to take into consideration all parties effected by a transaction that this will reduce negative spillovers cooperatively as opposed to coercively.