Final_S98

Final_S98 - 1 ECONOMICS 107 FINAL Spring, June 15, 1998...

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1 ECONOMICS 107 FINAL Spring, June 15, 1998 PART 1 MULTIPLE CHOICE (25 POINTS) 1. The domain of context contains: a. propositions about Nature that are well corroborated. b. propositions organized by paradigms. c. new propositions that are going through the process of being tested against observable reality. d. all of the above. 2. At a conference at Caltech in early March the wellknown Cambridge University physicist Stephen Hawking said that he was most pleased with his idea that the Universe started as a "pea instanton" because it's the kind of idea that can be falsified by observation. "It's real science," he said. Hawking was using: a. Hume's dictum. b. The logical positivists verifiability criterion. c. Spinoza's proposition. d. the falsification criterion. 3. Richard A. Posner, Chief Judge, United States Court of Appeals for the Seventh Circuit recently remarked: "The positive and normative aspects of the Law and Economics movement fit together snugly. The positive analyst can identify doctrines and institutions that are efficient, and those that are inefficient; and the normative analyst can formulate reforms designed to make the inefficient doctrines and institutions more efficient. Economic analysis is generally acknowledged to be the most significant innovation in legal thought in the last half century - or more." Posner in talking about normative and positive aspects is using a distinction that goes back to: a. Plato. b. Sir Thomas Mun. c. David Hume. d. Henry Sigwick. 4. A recent estimate puts the personal wealth of Americans at $35 trillion dollars. This is a: a. normative proposition. b. positive proposition. 5. Recent studies have show that while Americans save a smaller proportion of their income than, for example, Germans and Japanese:
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2 the productivity of the investments financed by those savings is much higher in America than in Germany or Japan. This is a a. normative conclusion. b. positive conclusion. 6. Hume's dilemma [as Prof M. described it in class] was that: a. he could see no way to reconcile ethical propositions with empirical propositions. b. that he found no way to reconcile his viewpoint on the price specie flow mechanism with the observable facts of economies contemporary to him. c. due to his extreme skepticism limited himself to believing on in propositions based either on present experiences or reflections on his recollected experiences. This gave him no way to predict about the future. d. all of the above. 7. Adam Smith believed that freedom of trade after the "late war": a. would be quickly restored as this helped to maximize personal wealth. b. would be slowly restored over time as persons saw it was in
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Final_S98 - 1 ECONOMICS 107 FINAL Spring, June 15, 1998...

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