Recall Chapter 1's opening story about the British sea captains and the convicted felons. In what way were incentives used to solve the problem of the high mortality rate on board the ships?
Payment (to ship captains) was to be offered for each prisoner that was taken aboard the ships.
Payment (to ship captains) was made independent of the regulations passed for prisoner welfare.
Regulations were passed so that prisoners could get better food, water, and medical care.
Payment (to ship captains) was made dependent on the survival rate of prisoners.
Recall Chapter I's opening story about the British sea captains and the convicted felons. Instead of paying the sea captains for each prisoner placed on board the ships in Great Britain, an economist suggested:
Paying for each prisoner who walked off the ship in Australia.
Paying for food and water to reduce costs of caring for prisoners during the transit.
Doing nothing, since the suggested change would not matter.
That new regulations be passed to require prisoner safety and health.
In several cities around the country, schools are paying cash awards to students who do well on English and Math tests. This practice highlights the idea of:
Pedagogical economics the continuous assessment of student performance in an effort to maximize student efficiency.
Hidden costs—the costs borne by taxpayers in the form of wasteful school spending.
Incentives the rewards and penalties that motivate behavior.
Screening theory—the identification of individuals or groups based on various performance measures.
The basic postulate of economics indicates that changes in incentives influence the:
Actions of producers but not consumers.
Actions of consumers but not producers.
Choices of individuals only when they buy and sell goods in the marketplace.
Choices of individuals with regard to a wide range of activities, including those generally perceived as social or political.
Which financing method for transporting prisoners from point A to B will result in the greatest number of prisoners surviving the trip? Assume there are 50 prisoners being transported.
The ship's captain is paid $100 by the government for every live prisoner that is loaded on board at Point A.
The ship's captain is paid $100 by the government for every live prisoner that is unloaded at Point B.
The ship's captain is paid $400 by the government for every live prisoner that is loaded on board at Point A.
The ship's captain is paid a flat rate of $3,000 for the trip, rather than being paid per prisoner.(Video) Macroeconomics- Everything You Need to Know
Many companies pay their sales employees based on commissions—the more they sell, the more they get paid. This practice highlights the role of:
Based on the ideas of Adam Smith, it is--------- dentists clean and repair teeth, but
A. See Also10 thinkers, 200 words, one question: What's your advice for San Diego's college grads?The Healthy Journal - gluteenia, maitoa, sokeria sisältäviä reseptejä, haastatteluja ja terveysartikkeleitaHow to Become a Ship Captain in India? – For Merchant NavyTriple-I Blog | Captain of Her Own Ship: Anne Marie Elder
Not out of benevolence that; from their regard for their own self-interest
Out of benevolence that; sometimes from their regard for their own self-interest
Not out of self-interest that; out of their benevolence
From charity and good will that; only if they can charge high prices
When markets don't align self-interest with social interest:
Markets will still manage to reach an efficient outcome.
Governments may improve the situation by changing incentives.
Societal costs will always exceed individual benefits.
Individual benefits will exceed societal benefits.
Self-interest can be aligned with the social interest by:
The enactment of government policies that increase incentives to work and trade.
Increasing international trade.
Banning free markets by the government.
Which of the following is an example of self-interest that attempts to promote the public interest?
A mother prevents her children from becoming vaccinated against measles, mumps, and rubella because of fears of autism.
The President of the United States restricts American consumers from buying foreign-made products.
The New York Yankees beat the Boston Red Sox.
An entrepreneur risks his life savings to open up a grocery store in an underserved area.
11.(Video) Econ 201 Chapter 5 all
Most people do not buy the safest car they can find. Why not?
Other factors matter besides safety, such as comfort, cost, and fuel economy.
People do not take the time to understand the safety features of cars.
Consumers are unaware of the risks of different cars.
The statement is false. People do buy the safest car they can find.
Air travel from Chicago to Los Angeles costs $800 and takes four hours. A bus ticket between the cities costs $100 and takes 104 hours. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be:
$1 per hour.
$7 per hour.
$12 per hour.
$120 per hour.
A grocery store is running a "buy-one-get-another-at-one-half-off' promotion on a dozen doughnuts. So the first dozen is $6 and the second would be $3. A person would buy the second dozen if their marginal benefit from the second dozen doughnuts is:
Greater than $3
Greater than $6
Greater than $9
Less than $3
One benefit of trade is that it:
Increases the division of knowledge because trade makes people more self-sufficient, producing more of what they consume.
Allows for increased specialization and mass-production techniques that lower per unit costs of production.
Lowers productivity, leading to greater domestic employment.
Decreases economies of scale, making production more efficient.
Which of the following statements is TRUE about trade?
Everyone can benefit from trade, even people who trade with someone from a foreign country.
Comparative advantage is based on specializing in products that have a high opportunity cost of production.
If a person can do everything better than anyone else, there is no reason for that person to trade with others.
Trade makes one party better off but the other party worse off, so there is no net gain to society.
As the United States becomes more productive at manufacturing chemicals and pharmaceutical drugs, the opportunity cost of producing other items such as textiles-------- , leading to------ demand for foreign textiles.(Video) Microeconomics- Everything You Need to Know
EBay creates value by:
Helping sellers trick buyers into purchasing broken items.
Moving goods like broken laser pointers from people who don't want them to people who do.
Helping people with the same preferences find each other.
Moving toys from children who want them to children who don't.
Which of the following situations would lead to more starvation?
A world where everyone grows his or her own food and there is no trade
A world with trade and lots of specialization
A world with immense division of knowledge
A world where only some people specialize in food and everyone else produces something else
Specialization and trade can --------- the per-unit cost of production because ---------
Decrease; it allows for more small-scale production.
Decrease; it creates economies of scale associated with large-scale production
Increase; it requires more expensive, specialized equipment
Increase; more expensive labor is needed.
(Table: iPhone and iPod Production) According to the table on iPhone and iPod production, which of the following is TRUE?
Canada has an absolute advantage in producing both iPhones and iPods.
The United States has an absolute advantage in producing both iPhones and iPods.
Canada has an absolute advantage in producing iPhones, and the United States has an absolute advantage in producing iPods.
The United States has an absolute advantage in producing iPhones, and Canada has an absolute advantage in producing iPods.
21.(Video) Comparative Advantage Practice
(Table: iPhone and iPod Production) According to the table on iPhone and iPod production, the opportunity cost of producing one iPhone is:
4/3 of one iPod for Canada, and two iPods for the United States.
Two iPods for Canada, and four iPods for the United States.
3/4 of one iPod for Canada, and one iPod for the United States.
One iPod for Canada, and 3/4 of one iPod for the United States.
(Table: iPhone and iPod Production) According to the table on iPhone and iPod production, which of the following is TRUE about Canadian and U.S. comparative advantages?
Canada has a comparative advantage in producing both iPhones and iPods.
The United States has a comparative advantage in producing both iPhones and iPods.
Canada has a comparative advantage in producing iPhones, and the United States has a comparative advantage in producing iPods.
Canada has a comparative advantage in producing iPods, and the United States has a comparative advantage in producing iPhones.
(Figure: PPF Goods X & Y) Refer to the figure. Which of the points representing various consumption possibilities for the country portrayed above isonly attainable through foreign trade?
Both points C and B
(Figure: PPF Goods X & Y) Refer to the figure. Point A represents an allocation of resources that is:
The result of trade.
(Table: Production Possibilities for the United States and Mexico) According to the table on production possibilities for the United States and Mexico, Mexico has an absolute advantage in ----------- and a comparative advantage in ---------
Neither good; corn
Potatoes; corn(Video) Econ201_Ch4_WOP
Neither good; potatoes
It is no doubt that ECON 201 is an hard class, even harder considering it is not curved (but he adjusts the grades).Is macro economics hard? ›
AP Macroeconomics is considered quite easy, with class alumnae rating it 4.6/10 for overall difficulty (the 19th-most-difficult out of the 28 large AP classes surveyed). The pass rate is lower than other AP classes, with 51% graduating with a 3 or higher.How do you pass macroeconomics class? ›
- Take advantage of the 10-minute planning time. ...
- Remember that you may answer the questions in any order. ...
- Don't restate the question. ...
- Use correct terminology. ...
- Use graphs wisely. ...
- Label graphs clearly, correctly, and fully.
As mentioned previously, AP Microeconomics course material was designed to mimic an introductory college-level course, so it will certainly be more difficult than a standard high school class. Students unfamiliar with economic topics — or how to work with data — may find it challenging.What is the average grade for econ 201? ›
The Department has adopted a set of grading guidelines for teaching ECON 201. An average class will receive a median of 2.9.Why is my econ class so hard? ›
A college-level economics class can be challenging because you need to grasp new concepts like supply and demand, scarcity, diminishing returns, and opportunity costs. It requires you learn new vocabulary and to use critical thinking skills. But those theories, concepts, and terms build upon one another.Is macroeconomics easy to self study? ›
Lucky for you, AP Macro is one of the easier AP subjects to self-study. While teaching yourself an entire AP class won't be easy, it is entirely doable. You are about to embark on a difficult journey in learning economics, but one that will be entirely worth it.What is the easiest way to learn macroeconomics? ›
- Watch instructional lectures. ...
- Complete massive open online courses (MOOC) ...
- Read economics books. ...
- Research economics articles. ...
- Discuss concepts with economics professionals. ...
- Join learning communities.
The real answer is that it's up to you and which areas of economics you're most interested in. While the course content for AP econ macro vs micro vary significantly (as you'd expect), the AP exam format and difficulty are about the same between the two.What is a good grade for macroeconomics? ›
What is a good AP® Macroeconomics score? For all the Advanced Placement exams, a score of 3 or higher is a passing score. Specifically, the College Board defines a 3 as “qualified”, a 4 as “well qualified” and a 5 as “extremely well qualified.”
Economics courses frequently use math techniques at a level beyond MATH 1110. Statistics and econometrics classes use material from integral calculus (MATH 1120), and core microeconomics, core macroeconomics, and many advanced electives use material from multivariable calculus (MATH 2130 or MATH 2220).How do I study for a macroeconomics exam? ›
- Make watching macroeconomic review videos part of your daily study routine. ...
- Invest in an AP® Macro review book and work it into your daily study routine. ...
- Study using flashcards. ...
- Follow macroeconomic blogs and social media accounts. ...
- Form an AP® Macroeconomics study group.
Math and statistics are used in economics, but at the undergraduate degree level, the math and statistics are certainly not overwhelming. Economics majors are usually required to take one statistics course and one math course (usually an introductory calculus course).Is microeconomics math heavy? ›
Microeconomics can be, but is not necessarily, math-intensive. Fundamental microeconomic assumptions about scarcity, human choice, rationality, ordinal preferences or exchange do not require any advanced mathematical skills.What is the average grade for microeconomics? ›
Many factors contribute to this, including, changing student populations, and varying difficulty of questions. For example, in recent years the average scores were 3.07 in 2014, 3.15 in 2015, 3.11 in 2016, 3.26 in 2017, 3.21 in 2018, 3.28 in 2019 and 3.28 in 2020. So, 3.19 is the average score over the past 7 years.What is econ 201 like? ›
Examines the national economy including income, savings, investment, government economic activity, and policymaking. Primary concepts of money and banking, economic growth, global economics, and related current issues and problems are also explored.How hard is Econ in college? ›
The economics major is not an easy degree choice. It requires a great deal of critical thinking and analysis on the part of economics students. As you advance in your coursework, the subject matter covered in economics degrees become even more thought-provoking and challenging.How much Calc do you need for econ? ›
Because the study of economics involves a substantial amount of quantitative analysis, Economics majors are required to complete a course in calculus prior to beginning the courses of the major.Is Econ the easiest major? ›
Economics will require math throughout the major, especially at the beginning. Economics majors usually have an analytic slant to the way they think. Economics is not considered an “easy” major, meaning you may have to take a little longer to graduate or participate less in extra-curricular activities.How do you pass Econ in college? ›
- Prepare assignments before attending class. It's very important to arrive at each class having already completed assignments. ...
- Read for understanding. ...
- Attend all lectures and classes. ...
- Master material as you go. ...
- Don't take good notes... ...
- Employ the "four" classroom behaviors.
At the undergraduate level, most students will probably find accounting more difficult than economics. At the graduate level, economics is more difficult. Economics uses more advanced math (algebra, calculus, differential equations) to explain more complicated scenarios and processes.Why is macroeconomics so hard to teach? ›
Macroeconomics is difficult to teach partly because its theorists (classical, Keynesian, monetarist, New Classical and New Keynesian, among others) disagree about so much. It is difficult also because the textbooks disagree about so little.Is it bad to take macroeconomics before microeconomics? ›
Both introductory courses are important — and both should be taken early on. Many students prefer to take microeconomics first because it feels more applicable to their daily lives, so the concepts should be easier to grasp.Can I understand macroeconomics without microeconomics? ›
It's impossible to understand microeconomics without a study of macroeconomics first. Research has shown students who study macro first perform better academically in both macro and micro than students who study micro first.What is the most important topic in macroeconomics? ›
Output, the most important concept of macroeconomics, refers to the total amount of goods and services a country produces, commonly known as the gross domestic product (GDP). This figure is like a snapshot of the economy at a certain point in time.What is important to study macroeconomics? ›
Macroeconomics connects together the countless policies, resources, and technologies that make economic development happen. Without proper macro management, poverty reduction and social equity aren't possible.What class is the most difficult? ›
- Physics 1. As one of the hardest high school classes, this course includes not only algebra but also scientific inquiry and physics. ...
- Environmental Science. ...
- Chemistry. ...
- U.S. Government and Politics. ...
- U.S. History. ...
- Human Geography. ...
- European History. ...
Generally, macroeconomics will have more calculus-based mathematics, as quantitative economics tends to be very modeling heavy. Microeconomics (especially now that behavioral economics is in) still has mathematics, but the focus is a bit more statistical in nature, especially in terms of study design and analysis.Which is better microeconomics or macroeconomics? ›
Microeconomic analysis offers insights into such disparate efforts as making business decisions or formulating public policies. Macroeconomics is more abstruse. It describes relationships among aggregates so big as to be hard to apprehend—such as national income, savings, and the overall price level.What is the average GPA for economics? ›
GPAs by Major.
General studies covers such studies as liberal, interdisciplinary, university, and general. The overall undergraduate GPA for all majors is 3.24, or between a B and B+ letter grade. The GPA for economics majors is only slightly below the average at 3.16.Is a 4 on macroeconomics good? ›
The macroeconomics exam is no different. In general, most schools require a score of 4 in order to gain college credit in class. The reason for this higher required score is most likely because macroeconomics is such a wide reaching area of study.Can I study economics if I'm bad at math? ›
According to the United States Bureau of Labor Statistics (BLS), four important qualities economists should have are analytical skills, critical-thinking skills, speaking skills and writing skills. You cultivate strong skills in all of these areas even if you are “bad” at math.Should I major in economics if I don't like math? ›
Most universities with economics majors will require at least a basic level of mathematics. This, however, should not discourage anyone from pursuing an undergraduate degree in economics. With that said there are options for those who's strong-suit is not math but would still like to dive into the world of economics.What type of math is macroeconomics? ›
Behavior. While the macroeconomics prior to the 'Lucas Critique' only made limited use of calculus, contemporary macro theory is best described as applied calculus.How many questions are on the macroeconomics exam? ›
Determine outcomes of specific economic situations. The AP Macroeconomics Exam assesses student understanding of the skills and learning objectives outlined in the course framework. The exam is 2 hours and 10 minutes long and includes 60 multiple-choice questions and 3 free-response questions.Can you test out of macroeconomics? ›
Known as the CLEP exam, there are 33 different subject matter tests that you may take during your freshman or sophomore year of college. The CLEP Macroeconomics test can help you to earn up to three credit hours and test out of the macroeconomics course to take something different.Why economics has so much math? ›
Key Takeaways. Mathematical economics is a form of economics that relies on quantitative methods to describe economic phenomena. Although the discipline of economics is heavily influenced by the bias of the researcher, mathematics allows economists to precisely define and test economic theories against real world data.Should I major in business if I bad at math? ›
You don't have to be a math wiz to major in business. You do, however, need to be at least basically competent in it. In addition to Business Calculus, you will also need to to take courses such as Accounting, Finance, and Statistics.Is economics basically math? ›
Economics is not math, but rather math is a tool for presenting and manipulating/exploring/using economic models. Many economic models use math to explain cause and effect. Don't worry, though, we're going to cover all the math you need to solve the problems in this course.
AP Microeconomics is rated as very easy to self-study relative to other AP classes. A survey of AP alumnae asked for a rating out of 10 for how easy each class is to self study, with 1 = easiest to self study, 10 = hardest to self study.Is intermediate macroeconomics hard? ›
Many students find this course to be one of the most difficult and time-consuming courses of the major. The best way to succeed in the course is not to fall behind, and to solve problems.What is the hardest topic in microeconomics? ›
The most difficult concept in economics is that if transaction cost. I do not know of anybody other than Ronald Coase to have any clue what it is. Definition: The transaction cost is the cost, after an object has already been produced, to send it from the original producer to the ultimate consumer.How do I pass my microeconomics exam? ›
- Take advantage of the 10-minute planning time. Starting to write immediately can lead to a string of disconnected, poorly planned thoughts. ...
- Use correct terminology. ...
- Use graphs wisely. ...
- Label graphs clearly, correctly, and fully.
What Is a Good GPA in High School? The average high school GPA is around 3.0, or a B average. This also happens to be the minimum requirement for many college scholarships, though a 3.5 or higher is generally preferable. GPA plays a key role in college admissions.Which class is easier microeconomics or macroeconomics? ›
Microeconomics are more difficult than macroeconomics at the entry level because they require at least a minimal understanding of calculus-level mathematical concepts. In contrast, entry-level macroeconomics are understood primarily by logic and algebra.How hard is IB Econ? ›
IB Economics has a wide syllabus with a lot of new topics (unrelated to other IB subjects) and an exam that requires calculations, essay-based answers, and text examination. It can be overwhelming for some students so they will do poorly on some topics or some papers.Is economics a hard level? ›
A-Level Economics demands at least a grade C (4) in both GCSE English and GCSE Maths. Without these grades, you'll find that this A-Level becomes very demanding. The reason you need these grades is because you need to be able to cope with the amount of work A-Level Economics will ask of you.Is economics one of the hardest degrees? ›
So why do people consider economics a difficult major? In this area, you will take a lot of math and statistics classes and do plenty of critical thinking and synthesizing of data – so it can definitely be hard!Should I take econ 201 or 202? ›
It is recommended that students take ECON 201 before ECON 202. MATH 105 is highly recommended but not required. (F,W,S). Together with ECON 201, this course serves to introduce the student to the basic ideas and concepts of modern economic analysis, and applies them to current economic problems, policies, and issues.
The Econ button will significantly increase the fuel efficiency of your vehicle, but not on any road and in all driving circumstances. Therefore, it is important to know that there are situations when it is better the Econ button is turned off. This primarily refers to road conditions.Is econ 301 hard? ›
Econ 301 is a very challenging class. Her assignments are lengthy but if you listen carefully in class she gives the answers. They consist of 3 parts; definitions, short answer and 1-2 long answers. Midterms and finals are majority of the assignments (word for word) so if you review material you will do well.Which IB is the hardest? ›
- English A Literature HL - Average Score: 4.67.
- Spanish AB. ...
- History HL - Average Score: 4.29.
- Chemistry SL - Average Score: 4.01.
- Math Studies SL - Average Score: 4.17.
- Visual Arts HL - Average Score: 4.26.
- Individuals and Societies - Average Score: C.
- Average Score: C.
Difficulty. While HL (“High Level”) IB courses are generally considered to be more difficult than equivalent or similar AP classes, SL (“Standard Level”) IB courses are typically seen as similar or easier than their AP counterparts.What is the hardest IB subject? ›
1. Chemistry: Chemistry is recognised as one of the hardest Group 4 subjects. With a mean grade of 4.99 for Chemistry HL and 4.54 for Chemistry SL, it demands a deep understanding of complex chemical concepts, theories, and practical applications.Is economics hard if you're bad at math? ›
According to the United States Bureau of Labor Statistics (BLS), four important qualities economists should have are analytical skills, critical-thinking skills, speaking skills and writing skills. You cultivate strong skills in all of these areas even if you are “bad” at math.How do you get an A * in economics? ›
- Time management.
- Do lots of practice questions.
- Conclusions should give a decision.
- Know essay structures.
- Know your real-world examples.
- Master evaluation.
- Get your work marked and view sample answers.
- Make revision notes as you go along.
Business isn't just one of the easiest college majors — it's also the most popular major. You'll study core topics like accounting, management, and organizational behavior. You can specialize your skills with upper-level courses in logistics, training and development, or entrepreneurship.
- Environmental Economics and Policy.
- Environmental Earth Science.
- American Studies.
- Nuclear Engineering.
- Energy Engineering.
- Applied Mathematics.