1. Which is better for addressing environmental externalities from CO2 emissions: setting a tax at the level of the externality or instituting a cap-and-trade system at the socially optimal quantity?
(a) The emissions tax is superior because it will result in more total social surplus
(b) The cap-and-trade system is superior because it will results in more total social surplus
(c) Both systems will result in the same total social surplus
2. The economic model of a utility maximizing consumer assumes that
(a) People's decisions may be controlled by someone else such as a parent
(b) People may be overwhelmed by too many consumption choices
(c) People are rational and optimize
(d) People may be time-inconsistent in their decisions
3. Since 2001, 2,216 Americans have died in the war in Afghanistan.' President Trump decided in 2018 to stay committed to Afghanistan with about 15,000 troops largely supporting Afghan security forces. Many citizens support this decision even if they believe the US has little chance of a strong outcome because they believe that if forces withdrew, the 2,216 lives lost would have been in vain. This rationale can be best attributed to
(a) Anchoring
(b) Overconfidence
(c) Sunk cost fallacy
(d) Hassle factors
4. LoJack is a small radio transmitter that can be hidden in a car. If the car is reported stolen, police can use the transmitter to track the location of the car and often recover the vehicle. Researchers found that the use of LoJack reduced car thefts significantly even for cars without transmitters. This is evidence of
(a) Negative externality
(b) Positive externality
(c) Excess demand
(d) Excess supply
Take-up rates for the Supplement Assistance Nutrition Assistance Program (SNAP) are low. Finkel- stoin and Notowidigdo (2019) conducted a field experiment involving 30,000 elderly individuals in Pennsylvania likely eligible for SNAP but not currently enrolled.2 One third of these individuals were randomly selected to receiye a reminder letter that included a phone number to the PA Benefits Center that they could call to apply for SNAP over the phone. At the conclusion of the follow-up period, these randomly chosen individuals had enrollment rates that were 18 percentage points higher than individuals in the control group who received no letter. The intervention must have
(a) Addressed endowment effects
(b) Reduced hassle costs
(c) Changed mental accounting
(d) Altered reference points
6. Above is a table that displays the minimum wage for New York State and the Consumer Price Index (CPI) for the years 1968, 1979, 1999, and 2019. Looking in terms of 2019 dollars, in which year did the minimum wage in New York State have the highest purchasing power?
(a) 1968
(b) 1979
(c) 1999
(d) 2019
7. Congress recently signed into law the American Rescue Plan. Within that law, Congress authorized that individuals earning less than $75,000 per year, heads of households earning less than $112,500 per year and couples filing jointly earning less than $150,000 to receive $1,400 stimulus checks. Congress also authorized expansion of the Child Tax Credit, which gives (nearly all) parents $3,000 for every child aged 6-17 and $3,600 for every child under age 6. We would classify stimulus checks and an expanded child tax credit as what type of welfare programs?
(a) Stimulus checks = categorical in-kind transfer; child tax credit = categorical in-kind transfer.
(b) Stimulus checks = categorical cash transfer; child tax credit = categorical cash transfer.
(c) Stimulus checks = means-tested in-kind transfer; child tax credit = categorical in-kind transfer.
(d) Stimulus checks = means-tested cash transfer; child tax credit = categorical cash transfer.
8. All of the following statements about Social Security are true EXCEPT:
(a) It encourages individuals to save on their ohm.
(b) It has contributed to the sharp decline in elderly poverty rates since the 1960s.
(c) Rising life expectancy coupled with low birth rates has threatened the fiscal solvency of the
(d) It is paternalistic, in that people may not save enough for retirement on their own so the govern- ment believes it is in the best interest of the people to have the program in place.
9. Markets with monopolistic competition can behave differently than iparkets with perfect competition because monopolists act as price-setters while perfectly competitive firms act as price-takers. Lauren claims that because monopolists can set their price, they will typically charge consumers a higher price and produce less output than there would be under perfect competition. Jason claims that monopolists achieve their market power simply because they are the most productive firms and that if competitors wanted to, they could easily and freely enter the market to compete Cth the monopolists and make the market more competittve. Who is correct?
(a) Neither Lauren nor Jason is correct.
(b) Only Lauren is correct.
(c) Only Jason is correct.
(d) Both Lauren and Jason are correct.
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