ECON 160 2

ECON 160 2 - 1 Name Dr Phillips Dr Votey Economics 160...

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1 Name______________________________ Dr. Phillips Economics 160 Spring 2002 Dr. Votey FINAL EXAMINATION (possible points 300) Part I (40 minutes) Answer all 40 questions. Choose the BEST answer and mark your Scantron Sheet accordingly. 80 Points . 1. The Economic Paradigm a. is an explanation of the dilemma that when, as a society, we act to maximize economic growth or income, we often fail to improve equity. b. provides an approach to achieve "best" economic outcomes, but it only works when there are effective markets. c. spells out the approach that any rational and thinking person applies to the solution of personal problems and it applies equally well to resolving the problems of nations and communities. d. explains the growing lack of accountability among the managers of major corporations that recently has come into the public eye. e. none of the above. 2. The Economic Paradigm a. has five steps: 1. Enunciation of the ethical rules that must apply, 2. Enumeration of the entities involved, 3. A clear statement of objectives, 4. Analysis of the tax rules, and 5. Alternative estimates of the gains to be achieved. b. has three steps: 1. Specification - of the possible outcomes, 2. Valuation of each of the outcomes, and 3. Optimization, i.e., selecting the "best" among the alternatives. c. is a functional relationship specifying the processes and factors, such as lack of economic opportunities and the deterrent effects of law enforcement that influence individuals to commit or not commit crimes against other individuals and society. d. none of the above. e. b. and c. 3. The concept of moral compliance with the law a. makes no sense in economic theorizing since useful theory cannot incorporate elements that are essentially immeasurable. b. helps to explain why logic based on measurable costs and benefits of committing a crime are often inadequate to explain individual behavior in regard to crime participation. c. has no place in discussions of public policy since moral choices are made for personal reasons. . d. has been shown to have no bearing on crime participations by individuals in a modern society. e. none of the above. 4. Participation in crime by women a is primarily limited to crimes of passion. b. has not grown as rapidly over recent years as crimes by men as women have been gaining more control over their own lives. c. appears to be unrelated to marital status or employment opportunities. d. has grown over the '70's and '80's as marriage rates have declined, and divorce rates and unemployment rates for women have risen. e. none of the above. 5. Rehabilitation of imprisoned felons a. once thought of as a primary objective of imprisonment, has become regarded as generally a failure. b.
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ECON 160 2 - 1 Name Dr Phillips Dr Votey Economics 160...

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