MidtermAnswers - Economics 508 Winter 2005 Professor Belton...

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Economics 508 Winter 2005 Professor Belton Fleisher Frequency distribution of midterm scores. There were 19 persons taking the exam. Maximum possible score is 20. Frequency distribution: Score 19+ (6); 16-18.5 (4); 12-15.5 (7); less than 12 (2). Midterm 1 hour 48 minutes Key to Answers 1. (10 points) In column A, write the number of one, and only one term in column C that most closely matches the term in column B. Each term in column C may be used only once in column A. A B C 4. Information asymmetry Over-reporting 1. Cultural Revolution 9. New Economic Policy Lenin 12. Importance of scientific and unscientific knowledge in the economy Hayek 3. Gorbachev 6. Shortage Repressed inflation 14. Macroeconomic transition Shock therapy 5. Labor hoarding 15. Great Leap Forward Failure to solve the surplus mobilization problem. 2. Five-Year Plan Stalin 11. A successful approach to surplus mobilization Household Responsibility System 8. A model of Democratic Socialism 7. Semi-legal market prices Parallel economy 16. Privatization Structural reform 10. Perestroika 13. Glasnost The answers provided below are to be used as a guide. Deviations from the guide are welcome provided they are supported and accurate. 2. (6 points) In chapter 10, Lavigne refers to three transformations. What are the three transformations? Must all three transformations occur at the same time or nearly so? Provide examples of specific countries to support your answer. (No more than 250 words)
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This note was uploaded on 07/17/2008 for the course ECON 508 taught by Professor Fleisher during the Winter '06 term at Ohio State.

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MidtermAnswers - Economics 508 Winter 2005 Professor Belton...

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