170 1 - Name Dr Phillips Dr Votey Economics 160 MIDTERM...

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Name______________________________ Dr. Phillips Economics 160 Winter 2007 Dr. Votey MIDTERM EXAMINATION (possible points 150) Part I (20 minutes) Answer all 20 questions. Choose the BEST answer and mark your Scantron 40 Points Sheet accordingly. 1 . The economic paradigm a is achieved through the application of four steps: profit maximization, cost minimization, careful selection of corporate directors, and effective product promotion when markets are weak. b. describes the enigma that achieving economic efficiency in both rich and poor communities serves the objectives of the rich to a greater degree than of the poor. c. has four steps: Specialization, which lowers costs, Validation, checking that only the best solutions are considered, Cost minimization, to assure that profits are the highest possible and Maturation to assure that no half baked solutions get funded. d. only applies to outcomes of management decision making when markets are perfect. e. none of the above. 2 . Crime Generation a. is a functional relationship that describes the factors and processes, such as lack of economic opportunities and the deterrent effects of law enforcement that influence individuals to commit crimes against other individuals or society. b. is the title of a treatise by Adam Smith depicting the revolt of the masses in Edwardian England, in the early 1820’s, who opposed the rules restraining political freedoms. c. describes a neo-Darwinian process whereby criminal tendencies are inherited and passed from generation to generation. d. describes the fraction of the population who are most involved in committing crimes. e. is a functional relationship that describes the process whereby society encourages young people to revolt against society by imposing unfair constraints on youthful freedoms 3 . The rise in crime participation by women e. was most notable in the two decades following World War II when women first became aware of their new freedom and were determined to demonstrate their ability to keep up with men. b. took place in the late 40’s through the 60’s, when women were entering the labor force in large numbers and competing with adult males, despite a rising prosperity. c. could be attributed, in large part, to similar high unemployment rates to those faced by adult males despite it being a time when women’s labor force participation rates were falling, thus putting little strain on the capacity of our economy to employ all those persons seeking work. d. was likely affected by the extent to which the number of single parent households headed by women was increasing. 1
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e. None of the above. 4 . In an analysis of the seeming trade-off between equity and efficiency in the determination of the level of crime that will result in a society, a. Lester Thurow states that, if we act to spread existing resources so that crime rates are equalized across all communities, the average level of crime will rise. b..
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170 1 - Name Dr Phillips Dr Votey Economics 160 MIDTERM...

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