7. "We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission." Ayn Rand ANALYZE AND LINK THIS TO ANY THEORY IN ECONOMICS
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- Is the economic model of decision-making intended as a literal description of how individuals, firms, and the governments actually make decisions?A. In “The New Abolitionism,” Chris Hayes’ primary point is that: The sum of wealth that must be given up to avert climate disaster is similar to what slaveholders lost due to the Civil War The climate justice movement is the modern moral equivalent of the fight to eliminate slavery in the U.S. Both of the above None of the above B. According to the GDAE, the Trump Administration: Enacted major budget cuts to the Environmental Protection Agency Appointed EPA administrators with connections to the fossil fuel industry Eliminated programs that reduced air pollution, protected safe drinking water, and promoted the safe use of pesticides All of the above3. List the essential elements of mainstream economics (ME), Progressive Political Economics (PPE) and Radical Political Economics (RPE). What is Pluralist Economics and how does it relate to the other three? 4. What is "positive economics"?
- Give an example of a positive statement and an example of a normative statement that somehow relates to your daily life. t Name three parts of government that regularly rely on advice from economists Why might economic advisers disagree about a question of policy?3. “A wider commitment to enforce "Buy American" laws”, would it count as positive economics or normative economics? Explain.Determine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the country
- sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a. John Kenneth Galbraith’s, The Affluent Society, criticized the underlying structures of an economy dedicated only to increasing production and the consumption of goods. b. Galbraith’s analysis was so insightful that the title of his book has come to serve as a ready label for postwar American society c. Galbraith warned that an economy where “wants are increasingly created by the process by which they are satisfied” was unsound, unsustainable, and, ultimately, immoral. d. The contradictions of the Affluent Society defined the decade: unrivaled prosperity alongside persistent poverty, expanded opportunity alongside entrenched discrimination, and new liberating lifestyles alongside a stifling conformity. e. None of the above statements are false 2. Which of the following statements concerning the rise of the suburbs is false? a. The seeds of a suburban nation were planted in New…1. In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not? 2. Should an economic model describe reality exactly?1. What does economist and EconTalk host Russ Roberts think is “single deepest contribution of economics” (Roberts, 2014)? Group of answer choices a. Thinking clearly about the complex interaction of individual actions leading to unintended patterns of predictable and orderly outcomes. b. Thinking clearly about how the government can best design policies that will maximize household incomes and corporate profits. c. Thinking clearly about how we can maximize consumer welfare through the use of various price controls to benefit certain aspects of the market. d. None of the above are correct.
- ii. Identify each of the following topics as being part of microeconomics or macroeconomics: a.the impact of a change in consumer income on the purchase of luxury automobiles b.the effect of a change in the price of Coke on the purchase of Pepsi c.the impact of a war in the Middle East on the rate of inflation in the United States d.factors influencing the rate of economic growth. e.factors influencing the demand for tractors. f.the impact of tax policy on national saving.11. In 2022, Ibram X. Kendi, author of “How to be an Antiracist” informed Valencia College that he would join your economics professor in a moderated discussion – for one hour – and for a fee of $30,000. Who would argue that such a price is not only appropriate, but, if agreed to, would have created benefits for both parties in the transaction? a. John Locke b. Adam Smith c. Ibram X. Kendi d. The author of “I, Pencil” e. All the above.