LEf7AllQuizzes_BEE1to9_and_ILEA1to10

LEf7AllQuizzes_BEE1to9_and_ILEA1to10 - LESE Fall 2007 All...

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LESE Fall 2007 All Quizzes: BEE 1 through 9 and IL&EA 1 through 10 Page 1 of 8 Quiz Sep 4: Chapters BEE 1 & 2 and IL&EA 1 1. ____________________ development meets the needs of the present without compromising the ability of future generations to meet their own needs. 2. The Earth's ____________________ is the thin band surrounding the surface of the Earth in which life can survive. 3. ____________________ knowledge is subjective; whereas receipt of notice is objective and reason to know is objective. 4. The Major Forces of Change concentrate around the year 1500 era (i.e., New World, Gun Powder, Printing Press, Labor Shortage, and Rural) as well as around the year 2000 era (i.e., ____________________ World, Weapons of Mass Destruction [WMD], Computer, Labor Surplus, and Urban). 5. The Elements of Capitalism (i.e., private property, prices, markets, competition, and ____________________ ) are the means of achieving the ends of the Functions of Capitalism (i.e., embody self interest, measure self-interest, coordinate self-interest, regulate self-interest, and facilitates P.P., P., M., & C.). 6. The government's two primary tools for facilitation are define rights (i.e., property, contracts, torts, and crimes) and to set ____________________ costs (e.g., strict liability). 7. In the History of Capitalism the current stage is ______________ Capitalism. 8. Efficiency as Ethics requires ____________________ [1] Individualism via profit maximization, [2] social good via cost minimization. 9. If a person should act then that person ____________________ act. 10. If a person chooses an action that is legal but also is unethical, then that person might be action might be an action of ____________________. Quiz Sep 11: Chapters IL&ES 2 & 3 & 4 1. There are four economic inputs and four corresponding payments. They are paired as follows: ____________________ is purchased with rent; labor is purchased with wages; capital is purchased with ____________________; and entrepreneurial ability is purchased with ___________ ___________. 2. Different persons have different risk preferences at different times and in different circumstances. The difference in risk preference varies by the reward magnitude (R) and by the risk magnitude (r). A person who is risk seeking will accept a risk when the magnitude of the reward is ____________________ than the risk; but typically will do so when the reward magnitude is ____________________ relative to the assets of the risk taker. A person who is risk neutral only is willing to accept a risk when the reward magnitude is ____________________ to the risk magnitude, regardless of the magnitude of the risk and regardless of the magnitude of the reward. A person is risk averse when the person only will accept a risk when the magnitude of the reward is ____________________ than the magnitude of the risk especially as risk magnitude increases and the reward magnitude is small. 3.
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This note was uploaded on 01/12/2010 for the course ECON 1a taught by Professor Ohara during the Fall '07 term at San Jose State.

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LEf7AllQuizzes_BEE1to9_and_ILEA1to10 - LESE Fall 2007 All...

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