Final Exam practice

Final Exam practice - FINAL EXAM, Fall 1998 I. Name That...

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FINAL EXAM, Fall 1998 I. Name That Concept (18 points) Below are a series of quotes from recent media sources. For each, identify the concept from the course (e.g., "market failure;" "dominant strategy") that best relates to the content of the quote, and briefly define the concept. An example follows: In 1935, Benito Mussolini invaded Ethiopia. This was regarded as an affront to collective security--and it had to be repelled. As a result, the League of Nations held countless meetings as to the appropriate response. At the end of each day there was a press briefing. These meetings went on week after week. Finally, at one of the briefings one of the reporters summarized what had happened: ''On the surface, very little is happening. But beneath the surface, nothing is happening.'' This quote identifies a collective action problem, and you would then offer a brief definition/explanation of the concept. A. "Fox said majority votes have all come from justices whose campaign funds received the largest contributions from trial lawyers - Alice Robie Resnick, $ 261,033; Andrew Douglas, $ 204,408; Francis Sweeney, $ 183,523; and Paul Pfeifer, $ 132,523. She said those voting in the minority received trial lawyer contributions at much lower levels. Chief Justice Thomas J. Moyer received $ 22,092, and Justices Deborah Cook and Evelyn Stratton received $ 25,792 and $ 13,320, respectively." The Columbus Dispatch B. "Access competition (in the telecommunications industry) is a fight between rival, non-connecting communications networks for the largest possible subscriber group. The user benefits as more fellow users are connected. Thus networks have incentives to build the largest possible subscriber universe." Business History C. Since March 1995, Swansea Project Playground has tried to raise the dollars necessary to give town children their own place to play, on town land near the basketball courts on Milford Road. Fundraising has been tough for the group, made up of eight core members determined to give the town a playground. ... Now, they're trying to get residents and businesses to buy customized bricks, engraved with personal messages, which would form the playground walkway. Of the 7,000 order forms mailed to town residents recently, only 70 were returned. "It seems like such a simple matter," Clegg said. "We thought we'd sell these in no time at all. When you only get a 1 percent return, it's frustrating." The Providence Journal-Bulletin D. "What if the real value for this crucial probability is far, far smaller? What if, in fact, the probability of life appearing in any one suitable home is tiny in relation to the number of suitable homes available? Now the answer to our question changes. Instead of the probability approaching 1, it can just as easily approach 0. By adjusting the value of the
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probability of life appearing, we can make the probability of life existing elsewhere in the universe pretty much anything we like." The New York Times E. "Why are CDs (certificates of deposit) suddenly back in favor? And, what does the
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Final Exam practice - FINAL EXAM, Fall 1998 I. Name That...

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