Do it this way!

I just realized that it would be much easier and faster on my part if you just provide the link of your Reaction Paper through posting it in the comment box below. A big THANKS to the brilliant idea of Baia Teves!=D..

I will show a sample below.

A few days of silence...

Just this week I have been doing a lot of things to the extent that I have missed to check some feedback of my followers. Likewise, I have been receiving numerous comments pertaining to the posts herein especially the ones that necessitate my urgent attention. I cannot reply to your concerns right away because I'm grabbing the remaining Holidays to unwind with my family  before resumption of classes. I assure you that I will give complete responses to your queries as soon as possible. Utmost priority is given to questions which are NOT repetitions of my previous instructions, and to questions which are relevant to my latest post.

I advice you to create the said paperwork before deadline so that you can enjoy more of the Holiday Season without worrying of something. Once you are done with it, just send me a request to view your post. I will just grade it when I am available.

Your indulgence is highly appreciated.

"Cheers to a New Year and another chance for us to get it right".  Wishing you a truly fulfilling 2011!

Last Requirement for Prelims

Happy Holidays!

I would like to reiterate that submission of Reaction Paper is due on or before December 30, 2010. In the event you cannot submit it on time, you are only given two class sessions to pass it, and it will get a 3-point deduction on the score for every missed meeting.

Recently, I have encountered a few lapses in determining the accurate timezone, and most especially in viewing the post. I'm still looking into possible solutions to these problems.  So to ensure that your work will be checked, I highly recommend you to send me an invitation for viewing it.

I shall be delighted to receive your requirement before the deadline.

Thanks!

Final Score - Prelim Exams

THE LIST BELOW IS ARRANGED ACCORDING TO SCORE.

ECON 111, TTH, 11:00 - 12:30

1. LAO, Samantha L.                                50/50 = 100%
2. CLEMENCIO, Karmine Joyce             35/50 = 81%
2. DULAY, Terence John                         35/50 = 81%
3. ROSILLO, Reuben                               34/50 = 80%
4. ALCANTARA, Henophel Keith            33/50 = 79%
5. ALINGASA, Cyrell J.                           32/50 = 78%
5. DULAY, Terence John E.                     32/50 = 78%
5. MONDRANO, Rica Mae                    32/50 = 78%
6. CARIN, Karlo Olym A.                        31/50 = 76%


   ------------- NOTHING FOLLOWS--------

ECON 111, TTH, 2:35 - 4:05

1. CHUA, Jan-Raphael C.                          50/50 = 100%
2. TEVES, Baia A.                                     48/50 = 98%
2. ARGUELLES, Philip Vrieni S.                48/50 = 98%
3. MILO, Kevin                                          47/50 = 50%
4. EDMILAO, Sherry Nikolette                  44/50 = 93%
5. ANG, Justin Connor N.                          43/50 = 91%
6. LIM, Karen D.                                      42/50 = 90%
7. SANCHEZ, Marian Kirstie B.               40/50 = 88%
8. JAVIER, Robelle O.                              39/50 = 86%
8. ARCE, John Andrew D.                        39/50 = 86%
8. HAO, Natalyne Mae                             39/50 = 86%
8. NACORDA, Angeli C.                         39/50 = 86%
8. ESGANA, Maricris G.                          39/50 = 86%
8. DELA ROSA, Miguel T.                       39/50 = 86%
9. APOLONIO, Angelo Miguel J.             38/50 = 85%
9. MIAYO, Froid Toti                              38/50 = 85%
10. NEBRIJA, Adrian Paolo C.                  37/50 = 84%                          
11. ARSENAL, Bryne Lyle M.                   36/50 = 83%
11. FUNA, Erwin                                       36/50 = 83%
12. BASOC, Jan Rodulf J.                           35/50 = 81%
12. ANGUB, James                                   35/50 = 81%
12. KIM, Jimin M.                                      35/50 = 81%
12. LIANG, Dave Ian V.                             35/50 = 81%
13. MILLAMA, Marianne C.                    34/50 = 80%
13. DULERA, Ma. Rovhie Jean P.            34/50 = 80%
13. TE, Marvin                                          34/50 = 80%
14. PAREDES, John Edward D.                33/50 = 79%
14. APOLINARES, Gene                         33/50 = 79%
15. ORQUEJO, Razelle Emerald P.           32/50 = 78%
15. GERONIMO, Charmaine                    32/50 = 78%
16. REYES JR., Alvin Cesar                       31/50 = 76%
16. LEONG, Andree Von Kepone E.         31/50 = 76%
16.CARALOS, Maria Johanna Jill D.          31/50 = 76%
17.TINGZON, John russel W.                    30/50 = 75%

   ------------- NOTHING FOLLOWS--------

ECON 111, MWF, 7:40 - 8:40

1. GUMAFELIX, Argee C.                      46/50 = 95%
2. MAGLINTE, Jurilex A.                        41/50 = 89%
2. LIM, Joena Marie                                 36/50 = 83%
2. VILLAMOR, Maureene Ann                36/50 = 83%
3. SARAGENA, Ellen Rose C.                 33/50 = 79%
3. JAYME, Jan Michael                            33/50 = 79%
4. SAAVEDRA, Kasandra                        32/50 = 78%
4. CUNDANGAN, Stephen Mark            32/50 = 78%
5. BABISTA, Bel                                     31/50 = 76%
5. LINDAYAG, Ma. Alexandra R.           31/50 = 76%
5. QUERO, Ma. Kristine Karla                 31/50 = 76%
6. AZUCENA, Leonalyn D.                      30/50 = 75%
6. ABELLERA, Carina                             30/50 = 75%
6. KAAMIÑO, Daphne                            30/50 = 75%

 ------------- NOTHING FOLLOWS--------

ECON 222, MWF, 12:25 - 1:25

1. DELA CRUZ, John Theodore             43/50 = 91%
1. DELA CRUZ, Mary Grace D.            41/50 = 89%
2. TOGON, Pamela Mae Edgi C.           39/50 = 86%
3. AJOS, Angelica Niña T.                     38/50 = 85%
4. ALFONSO, Olive Rose S.                 37/50 = 84%
5. LUNA, Jasmin H.                                32/50 = 78%
6. LUNA, Judy Anne D.                          31/50 = 76%
7. TE, Ned Andrew Y.                            30/50 = 75%

 ------------- NOTHING FOLLOWS--------

ECON 222, MWF, 1:30 - 2:30

1. SUMANDO, Fritzie Lynne C.             50/50 = 100%
2. PLACER, Stephanie Jan M.                 48/50 = 98% 
3. LUPIAN, Jechris Troy L.                     46/50 = 95%
3. PEREZ, Gem Louise G.                        46/50 = 95%
4. PUSTA, Arliz Katrina B.                       45/50 = 94%
4. CANASTRA, Lora Mae R.                  45/50 = 94%
5. FERMILON, Ian Daniel R.                   44/50 = 93%
5. LUMANAG, Janine Rose G.                 44/50 = 93%
6. SEBELLINO, Hanzel Dave N.               43/50 = 91%
6. CALUAG, Isa Herschell C.                   43/50 = 91%
7. LAFUENTE, Rizka Ann t.                     42/50 = 90%
8. AGUADO, Sue Gertrude                     41/50 = 89%
9. ALONZO, Angelie Aprille C.                 39/50 = 86%
9. TEMPLAZA Laiza May M.                  39/50 = 86%
10. OBEDO, Vincent R.                              38/50 = 85%
10. ESTEBAN, Rose Anne I.                      38/50 = 85%
11. LAMES, Lei Therese P.                        37/50 = 84%
11. ROSEL, Denise Adrienne G.                37/50 = 84%
11. SANTOS, Charlene Joy A.                  37/50 = 84%
11. PAJARILLO, Joan Elizabeth J.             37/50 = 84%
12. AMISCUA, Kamille                             36/50 = 83%
12. LELIS, Shiela May                               36/50 = 83%
12. MATUTE, Maria Clariza R.                  36/50 = 83%
12. WAGAS, Jimcris L.                             36/50 = 83%
12. BAIÑO, Janelle Danica                        36/50 = 83%
12. VINAVILL, Geralde G.                       36/50 = 83%
13. AMOLO, Rhessa Mae G.                  35/50 = 81%
13. MOZO, Natara Jean L.                      35/50 = 81%
14. OTOC, Mae Ann Judelou                  34/50 = 80%
15. AMORA, Kimberlyn R.                     33/50 = 79%
16. RAMOS, Iris Hope M.                      32/50 = 78%
16. HO, Basil                                           32/50 = 78%
17. ALVAR, Delfa Adelle                          31/50 = 76%

 ------------- NOTHING FOLLOWS--------

Congratulations to all!  I hope that you will continue to strive for excellence.

If you have any inquiries, just drop a comment on this post.  Thanks!

It's Required!

This is to instruct all followers of this blog to restore the default settings for Blog Readers now so that I can read your post at once.

I shall appreciate it greatly your abrupt response on this matter.


For the information and guidance of all concerned.

Thanks!

Review Question is Over

Please be reminded that answering the Review Questions has already expired.  Answers submitted today (Dec. 12, Sunday) will never be honored anymore.  Let us be fair to others who value on-time submission.


For strict implementation.

Urgent Attention!

This is to notify you that I can hardly recognize the following usernames. Thus, they are neither recorded nor published on this blog. Please do update me with your real name by leaving a comment on this post. I shall anticipate immediate response from the persons concerned on or before December 30.  Failure to comply the stated request would be regarded as null & void.

ECON111 CLASS

KEN
SAVEYOURSCORE

-----end---

ECON222 CLASS

MYSTERIOUS MIND

--------end-----

Complete List

The following persons have answered the Review Questions before the deadline, and as agreed in class, they will be given corresponding points that will be added directly to Prelim Exam.

Should you have any questions regarding the said list, just post a comment on this post.

Thanks!

Econ222

• Charlene Santos 4pts
• Rizka Lafuente 4pts
• Jechris Lupian 4pts
• Isa Herchell Caluag 4pts
• Gem Perez 4pts
• Ian Fermilon 4pts
• Natara Jean Mozo 4 pts
• Yollaine Galias 4pts
• Angelie Aprile Alonzo 4pts.
• Janine Lumanag 4pts
• Fritzie Lynne 4pts
• Stephanie Placer 4pts
• Denise Rosel 3pts
• Vincent Obede 4pts
• Lei Lames 4pts
• Lora Canastra 4pts
• Hanzel Dave Sebellino 4pts
• Rhessa Mae Amolo 4pts
• Rose Anne Esteban 4pts
• Jasmin Luna 4pts
• Judy Ann Luna 4pts
• Ned Te 4pts
• Althea Ferraris 4pts
• Pamela Mae Edgi C. Togon 4pts 
• Mary Grace dela Cruz 4pts 
• Maria Clariza Matute 4pts 
• Arliz Katrina Pusta 4pts 
• Vinaville Geralde 4pts 
• Janelle Danica Baiño 4pts 
• John Theodore dela Cruz 4pts 
• PEÑADOS, Diane 4pts
• RAMOS, Iris 4pts
• AGUADO, Sue 4pts
• PAJARILLO, Joan Elizabeth 4pts
• OTOC, Mae Ann 4pts

-----------CLOSED---------------

  econ111

• Sherry Edmilao 5pts
• Samantha Lao 4pts
• Karen Lim 5pts
• Jurilex Maglinte 5pts
• Razell Pepito Orquejo 3pts
• Adrian Berenguel 4pts
• Joyce Clemencio 4pts
• Ma. Rovhie Jean Dulera 3pts
• Ellen Rose Saragena 3pts
• Rovi Dear Capocao 2pts
• Argee Gumafelix 5pts
• Terence Dulay 3pts.
• Ana Medina 1pt
• John Edward Paredes 5pts
• Maria Johanna Jill Caralos 5pts
• Justin Connor Ang 4pts
• John Andrew Arce 5pts
• Jimin Kim 4pts
• Eric Vincent Bermudez 2pts
• Cyrus Santonil 4pts
• Philip Arguelles 5 pts
• Alex Lindayag 4pts
• HyeYoon Kim 4pts
• Miguel Dela Rosa 5pts
• Bryne Arsenal 5pts
• Jan-Raphael Chua 5pts
• Robelle Javier 4pts
• Baia Teves 5 pts
• Jan Basoc 5pts 
• Marianne Millama 4pts
• Dave Liang 5pts
• Maricris Esgana 4pts
• LJ Sayson 4pts 
• Natalynne Hao 3pts 
• Kevin Milo 5pts 
• Kasandra Saavedra 3pts 
• Stephen Mark Cundangan 3pts 
• Angelo Miguel Apolonio 3pts 
• Rica Mae Mondrano 2 pts
• marian Kirstie Sanchez 2pts
• Royce Kenneth Toreno 4pts

--------------CLOSED----------

"Bracket Scoring" for Review Questions

No. of Correct Answers                 Equivalent Points

               30                                                 5

            25 - 29                                            4

            20 - 24                                            3

            15 - 19                                            2

            10 - 14                                            1

Scores less than 10 will have NO credit.

Prelim Exam Result, 2nd Semester, S.Y. 2010-2011

THE LIST BELOW IS ARRANGED ACCORDING TO SCORE.

ECON 111, TTH, 11:00 - 12:30


1. LAO, Samantha L.                                46/50 = 95%
2. ROSILLO, Reuben                               34/50 = 80%
3. ALCANTARA, Henophel Keith             33/50 = 79%
4. ALINGASA, Cyrell J.                            32/50 = 78%
4. DULAY, Terence John E.                     32/50 =78%
5. CLEMENCIO, Karmine Joyce             31/50 = 76%
5. CARIN, Karlo Olym A.                       31/50 = 76%
6. MONDRANO, Rica Mae                    30/50 = 75%

   ------------- NOTHING FOLLOWS--------

ECON 111, TTH, 2:35 - 4:05

1. CHUA, Jan-Raphael                              45/50 = 94%
2. ARGUELLES, Philip Vrieni S.               43/50 = 91%
2. TEVES, Solhanne A.                             43/50 = 91%
3. MILO, Kevin G.                                    42/50 = 90%
4. SANCHEZ, Marian Kirstie B.               40/50 = 88%
5. EDMILAO, Sherry Nikolette                39/50 = 86%
5. ANG, Justin Connor                            39/50 = 86%
5. NACORDA, Angeli C.                         39/50 = 86%
6. MIAYO, Froid Toti                              38/50 = 85%
7. NEBRIJA, Adrian Paolo C.                  37/50 = 84%                          
7. LIM, Karen D.                                     37/50 = 84%
8. FUNA, Erwin                                       36/50 = 83%
8. HAO, Natalyne Mae                             36/50 = 83%
9. ESGANA, Maricris                              35/50 = 81%
9. ANGUB, James                                   35/50 = 81%
9. JAVIER, Robelle O.                             35/50 = 81%
9. APOLONIO, Angelo Miguel                35/50 = 81%
10. DELA ROSA, Miguel T.                     34/50 = 80%
10. ARCE, John Andrew                           34/50 = 80%
10. TE, Marvin                                          34/50 = 80%
11. APOLINARES, Gene                         33/50 = 79%
12. GERONIMO, Charmaine                    32/50 = 78%
13. DULERA, Ma. Rovhie Jean P.             31/50 = 76%
13. REYES JR., Alvin Cesar                       31/50 = 76%
13. KIM, Jimin                                           31/50 = 76%
13. LEONG, Andree Von Kepone E.         31/50 = 76%
13. ARSENAL, Bryne Lyle M.                   31/50 = 76%
14.TINGZON, John russel W.                    30/50 = 75%
14. MILLAMA, Marianne                          30/50 = 75%
14. LIANG, Dave Ian                                 30/50 = 75%
14. BASOC, Jan Rodulf                              30/50 = 75%

   ------------- NOTHING FOLLOWS--------


ECON 111, MWF, 7:40 - 8:40

1. GUMAFELIX, Argee C.                      41/50 = 89%
2. MAGLINTE, Jurilex A.                        36/50 = 83%
2. LIM, Joena Marie                                 36/50 = 83%
2. VILLAMOR, Maureene Ann                36/50 = 83%
3. JAYME, Jan Michael                            33/50 = 79%
4. BABISTA, Bel                                     31/50 = 76%
4. QUERO, Ma. Kristine Karla                 31/50 = 76%
5. AZUCENA, Leonalyn D.                      30/50 = 75%
5. ABELLERA, Carina                             30/50 = 75%
5. SARAGENA, Ellen Rose C.                 30/50 = 75%
5. KAAMIÑO, Daphne O.                       30/50 = 75%

 ------------- NOTHING FOLLOWS--------


ECON 222, MWF, 12:25 - 1:25

1. DELA CRUZ, John Theodore            39/50 = 86%
2. AJOS, Angelica Niña T.                     38/50 = 85%
3. DELA CRUZ, Mary Grace D.            37/50 = 84%
3. ALFONSO, Olive Rose S.                 37/50 = 84%
4. TOGON, Pamela Mae Edai C.            35/50 = 81%


 ------------- NOTHING FOLLOWS--------

ECON 222, MWF, 1:30 - 2:30

1.SUMANDO, Fritzie Lynne C.               46/50 = 95%
2. PLACER, Stephanie Jan                       44/50 = 93%
3. LUPIAN, Jechris Troy                          42/50 = 90%
3. PEREZ, Gem Louise G.                        42/50 = 90%
4. PUSTA, Arliz Katrina B.                      41/50 = 89%
4. AGUADO, Sue Gertrude                     41/50 = 89%
4. CANASTA, Lora Mae R.                   41/50 = 89%
5. FERMILON, Ian Daniel R.                   40/50 = 88%
5. LUMANOG, Janine Rose G.                40/50 = 88%
6. SEBELLINO, Hanzel Dave N.              39/50 = 86%
6. TEMPLAZA Laiza May M.                  39/50 = 86%
6. CALUAG, Isa Hershell C.                    39/50 = 86%
7. LAFUENTE, Rizka Ann                       38/50 = 85%
8. PAJARILLO, Joan Elizabeth J.             37/50 = 84%
9. AMISCUA, Kamille                             36/50 = 83%
9. LELIS, Shiela May                               36/50 = 83%
9. WAGAS, Jimcris L.                             36/50 = 83%
10. ALONZO, Angelie Aprille                 35/50 = 81%
11. ESTEBAN, Rose Anne                      34/50 = 80%
11. ROSEL, Denise Adrienne Q.             34/50 = 80%
11. OBEDO, Vincent R.                          34/50 = 80%
11. OTOC, Mae Ann Judelou                  34/50 = 80%
12. AMORA, Kimberlyn R.                     33/50 = 79%
12. SANTOS, Charlene Joy A.                33/50 = 79%
12. LAMES, Lei Therese P.                     33/50 = 79%
13. RAMOS, Iris Hope M.                      32/50 = 78%
13. MATUTE, Maria Clariza R.               32/50 = 78%
13. HO, Basil                                           32/50 = 78%
13. BAIÑO, Janelle Danica U.                  32/50 = 78%
13. GERALDE, Vinaville V.                      32/50 = 78%
14. ALVAR, Delfa Adelle                          31/50 = 76%
14. MOZO, Natara Jean L.                       31/50 = 76%
14. AMOLO, Rhessa Mae B.                   31/50 = 76%

 ------------- NOTHING FOLLOWS--------

Your score is still subject to change depending on your score in Review Questions.  Congratulations for passing the said examination. Your hard work truly paid off.  Keep it up!

For those who did not pass the exam, you still have a chance to increase your grade by answering the "Review Questions' provided for.

Please do check the blogsite from time to time for updates of scores and other pertinent announcements.

Review Questions (Chapter 3) for Econ111

1.

The production possibilities frontiers used to explain trade in the text are straight lines because: a. the author assumes the farmers can switch at a constant rate from producing meat to producing potatoes. b. that's how it turns out to be when the same person produces the two goods. c. one farmer is better than the other in producing both goods. d. the gains of trade will benefit both farmers.

---

2.

The principle of Absolute Advantage refers to the situation in which one producer: a. can produce a good in greater quantities than other producers. b. can produce a good using fewer resources than other producers. c. is able to produce exactly the same quantity of a good as other producers. d. has access to more resources than other producers.

---

3.

The principle of Comparative Advantage refers to the situation in which one producer: a. has a lower opportunity cost than other producers in the production of a good. b. can produce a good in greater quantities than other producers. c. has access to more resources than other producers. d. can produce a good using fewer resources than other producers.

---

4.

Which of the following is true regarding the principle of Absolute Advantage? a. Nations should specialize in producing those goods for which they have a lower opportunity cost. b. Nations should export goods for which they do not have an Absolute Advantage. c. Nations should specialize in producing those goods for which they have an Absolute Advantage. d. Nations should export goods for which they have a higher opportunity cost.

---

5.

Which of the following is true regarding the principle of Comparative Advantage? a. Nations should specialize in producing those goods for which they use the least amounts of resources. b. Nations should specialize in producing those goods for which they have the lowest opportunity cost. c. A nation has nothing to gain from trade if it uses fewer resources than other nations to make any good. d. A nation has nothing to gain from trade if it uses more resources than other nations to make any good.

---

6.

The boy next door has offered to mow Tiger Woods' lawn. It will take this boy twice as long as Tiger Woods to mow the lawn. Would Tiger Woods let the boy mow his lawn, instead of doing it himself? a. Yes, as long as the boy's opportunity cost is less than half of Tiger Woods' opportunity cost. b. Yes, because the boy next door needs the money and Tiger Woods can help him out that way. c. No, because it will be more efficient if Tiger Woods mows his own lawn, since he can do it faster. d. No, because Tiger Woods has better things to do with his money than pay the boy to mow the lawn.

---

7.

Suppose that engaging in free trade means we have to stop making cars, which will cause bankruptcies and will make people lose their jobs. Is it still worth having free trade? a. Yes, because in spite of the lost jobs, we still want to get along with other nations. b. Yes, because the gains outweigh the losses: new businesses and new jobs will flourish in other industries. c. No, because we need to protect our jobs. d. No, because our wages would have to fall drastically to make us remain competitive with low wage countries.

---

8.

Suppose that Jill can type 10 pages per hour in the computer, while Jim can only type 8. Further suppose that Jill can review 5 articles per hour while Jim can only review 2. If they are working on a final project together, who should specialize in what task in order to be as productive as possible? a. Jill should specialize in typing and Jim in reviewing articles. b. Jill should specialize in reviewing articles and Jim in typing. c. Jill should perform both tasks, since she is better at both than Jim. d. Jim should perform both tasks, since he is better at both than Jill.

---

9.

Suppose that Jill can type 10 pages per hour in the computer, while Jim can only type 8. Further suppose that Jill can review 5 articles per hour while Jim can only review 2. Based on this, we can say that: a. Jim has a comparative advantage over Jill in reviewing articles. b. Jill has an absolute advantage over Jim in reviewing articles. c. Jim has an absolute advantage over Jill in typing. d. Jill has a comparative advantage over Jim in typing.

---

10.

The principle of Comparative Advantage argues all of the following, EXCEPT: a. specialization allows producers to produce goods for which they have a lower opportunity cost. b. free trade tends to cause bankruptcies and high unemployment in the long run. c. free trade allows producers to specialize. d. as producers specialize, overall production increases, making everybody better off.

---

Review Questions (Chapter 2) for Econ111

1.

Which of the following is FALSE, regarding economics as a science? a. Economic knowledge is obtained through the scientific method, just as in any other science. b. It is difficult to conduct experiments in economic matters. c. Economists pay close attention to natural experiments resulting from historical events. d. Economic theories represent irrefutable facts.

---

2.	Economists use assumptions in order to: a. recreate real situations accurately, with all their complexity. b. avoid dealing with issues they would rather not talk about. c. simplify economic theories, so as to make it possible to answer economic questions. d. make their theories more realistic.

---

3.	Economic models are: a. simplified versions of economic theories. b. created by making assumptions. c. usually composed of diagrams and equations. d. all of the other options are true.

---

4.

All of the following are characteristics of the Circular Flow Model of the economy, EXCEPT: a. the model has two markets: one for goods and services and one for factors of production. b. the model includes two sectors: the Firms sector and the Households sector. c. the model describes two circular flows: one for inputs and one for resources. d. the two flows described by the model move in opposite directions.

---

5.

The circular flow model of the economy demonstrates that: a. the economy actually has only two sectors: firms and households. b. dollars in the economy are used over and over in an endless cycle. c. firms produce and provide factors of production. d. government is the source of revenue for households to purchase goods and services from firms.

---

6.

Which of the following is true regarding the Production Possibilities Frontier Model of the economy? a. Any point along the PPF represents an efficient level of production. b. Any point in the area below the PPF represents a combination of production that is not feasible. c. The opportunity cost of producing one more unit of one of the goods represented in the PPF remains the same at any point along the PPF. d. Increases in the resources available for production will cause the PPF to shift towards the origin.

---

7.	Economic growth in the economy can be portrayed in the Production Possibilities Frontier model as a: a. movement up and to the left along the PPF. b. shift of the PPF away from the origin. c. movement down and to the right along the PPF. d. shift of the PPF towards the origin.

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8.	Microeconomics is the study of: a. how governments can get the economy out of a recession. b. economy-wide phenomena, including inflation, unemployment, and economic growth. c. how households and firms make decisions and how they interact in markets. d. how governments can reduce inflation.

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9.

Which of the following is an example of a normative statement? a. Higher interest rates will cause people to borrow and invest less. b. The government should increase spending during recessions, so that the economy recovers quickly. c. When the price of a good increases, consumers respond by reducing the quantity that they want to purchase of the good. d. Over the past 50 years, the number of women that participate in the labor force has increased dramatically.

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10.

Economists tend to disagree with each because: a. different economists espouse different theories, so they believe different things are going on in the economy. b. different economists make different assumptions, leading them to different conclusions in economic matters. c. different economists have different values and priorities in economic matters. d. all the other options are true.

Review Questions (Chapter 1) for Econ111

1. Government policies designed to promote efficiency:

a. usually do so at the expense of equity. b. tend to cause the economy to grow more slowly. c. always fail. d. require very high taxes.

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2.	All of the following can be considered a student's costs of going to college, EXCEPT: a. textbooks. b. tuition and fees. c. room and board (that costs her about the same as she was paying before entering college). d. the student's time, which can no longer be devoted to earning a salary.

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3.

An airline's plane from Los Angeles to New York is about to take off, but it still has a few seats empty. If the average cost per seat is $500, what price should the airline charge passengers in standby to fill in those remaining seats? (Consider that quantitative decisions are made at the margin) a. At least $500. b. Exactly $500. c. Any price above zero that will entice standby passengers to take the flight. d. Slightly less than $500.

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4.

The Federal government enacted regulation in the 1960s requiring people to wear seatbelts in their cars. All of the following resulted from this regulation, EXCEPT: a. overall deaths due to car accidents changed very little in the United States. b. fewer deaths occurred per accident. c. fewer pedestrians were killed in car accidents. d. the frequency of accidents increased.

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5.	When two persons trade goods: a. one person always gains at the expense of the other. b. both persons usually gain from the exchange. c. one person usually gains at the expense of the other. d. the overall well being of the two persons remains unchanged.

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6.	In a market economy, the decisions of what and how much to produce are made by: a. voters in elections. b. all producers and consumers. c. the government only. d. non governmental agencies.

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7.

Even though markets do a great job in organizing economic activity, governments are needed to do all of the following EXCEPT: a. establish and enforce property rights. b. intervene when markets fail due to externalities. c. intervene when markets fail due to market power. d. decide what and how much should be produced.

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8.

Living standards in the United States have risen tremendously over the years, mainly due to: a. relentless increases in the productivity of labor over the years. b. the forceful efforts of labor unions. c. successive increases in the minimum wage. d. trade protection from competition from countries with low wages, such as China.

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9.	Rapid and persistent inflation occurs mainly due to: a. high wage increases demanded by labor unions. b. greedy firms that abuse consumers with higher-than-necessary prices. c. rapid increases in the quantity of money in the economy. d. trade with other countries.

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10.	A government that implements a policy designed to reduce inflation can expect unemployment to: a. increase in the short-run. b. decrease in the short-run. c. increase in the long-run. d. decrease in the long-run.