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Essay list

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Name: ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬________________________________ HIST 2070 Reading Questions: Chapter 19, Source Reading Directions: Answer the following questions that pertain to chapter 19 and the Yangzhou Massacre source reading. Reading questions are due by 9:45a on Wednesday, September 16, 2015. Late submissions will not be accepted. Reading questions: 1. What were the sources of Spanish power in the sixteenth and seventeenth centuries? Why was Spain unable to sustain its supremacy in Europe? 2. What were the strengths and weaknesses in the Ottoman and Safavid empires? What role did religion play in the Ottoman and Safavid empires? 3. Why were the Manchus able to conquer China? What significance did the Yangzhou massacre (source reading) play in this conquest? How did some people survive the massacre? What were some actions taken by Manchu soldiers? 4. How did the early Qing dynasty attempt to unite China? 5. In what ways did Japanese society change in the change in the seventeenth century? 6. How did slave communities in the Americas create autonomous institutions? 7. How did the slave trade affect African stated during this period?

Name: ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬________________________________ HIST 2070 Reading Questions: Chapter 19, Source Reading Directions: Answer the following questions that pertain to chapter 19 and the Yangzhou Massacre source reading. Reading questions are due by 9:45a on Wednesday, September 16, 2015. Late submissions will not be accepted. Reading questions: 1. What were the sources of Spanish power in the sixteenth and seventeenth centuries? Why was Spain unable to sustain its supremacy in Europe? 2. What were the strengths and weaknesses in the Ottoman and Safavid empires? What role did religion play in the Ottoman and Safavid empires? 3. Why were the Manchus able to conquer China? What significance did the Yangzhou massacre (source reading) play in this conquest? How did some people survive the massacre? What were some actions taken by Manchu soldiers? 4. How did the early Qing dynasty attempt to unite China? 5. In what ways did Japanese society change in the change in the seventeenth century? 6. How did slave communities in the Americas create autonomous institutions? 7. How did the slave trade affect African stated during this period?

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SUPPLY CHAIN MANAGEMENT AT BOSE CORPORATION Bose Corporation, headquartered in Framingham, Massachusetts, offers an excellent example of integrated supply chain management. Bose, a producer of audio premium speakers used in automobiles, high-fidelity systems, and consumer and commercial broadcasting systems, was founded in 1964 by Dr. Bose of MIT. Bose currently maintains plants in Massachusetts and Michigan as well as Canada, Mexico, and Ireland. Its purchasing organization, while decentralized, has some overlap that requires coordination between sites. It manages this coordination by using conference calls between managers, electronic communication, and joint problem solving. The company is moving toward single sourcing many of its 800 to 1,000 parts, which include corrugated paper, particle board and wood, plastic injected molded parts, fasteners, glues, woofers, and fabric. Some product components, such as woofers, are sourced overseas. For example, at the Hillsdale, Michigan, plant, foreign sourcing accounts for 20% of purchases, with the remainder of suppliers located immediately within the state of Michigan. About 35% of the parts purchased at this site are single sourced, with approximately half of the components arriving with no incoming inspection performed. In turn, Bose ships finished products directly to Delco, Honda, and Nissan and has a record of no missed deliveries. Normal lead time to customers is 60 working days, but Bose can expedite shipments in one week and airfreight them if necessary. The company has developed a detailed supplier performance system that measures on-time delivery, quality performance, technical improvements, and supplier suggestions. A report is generated twice a month from this system and sent to the supplier providing feedback about supplier performance. If there is a three-week trend of poor performance, Bose will usually establish a specific goal for improvement that the supplier must attain. Examples include 10% delivery improvement every month until 100% conformance is achieved, or 5% quality improvement until a 1% defect level is reached over a four-month period. In one case, a supplier sent a rejected shipment back to Bose without explanation and with no corrective action taken. When no significant improvement occurred, another supplier replaced the delinquent supplier. Bose has few written contracts with suppliers. After six months of deliveries without rejects, Bose encourages suppliers to apply for a certificate of achievement form, signifying that they are qualified suppliers. One of the primary criteria for gaining certification involves how well the supplier responds to corrective action requests. One of the biggest problems observed is that suppliers often correct problems on individual parts covered by a corrective action form without extending these corrective actions to other part families and applicable parts. Bose has adopted a unique system of marrying just-in-time (JIT) purchasing with global sourcing. Approximately half of the dollar value of Bose’s total purchases are made overseas, with the majority of the sourcing done in Asia. Because foreign sourcing does not support just-in-time deliveries, Bose “had to find a way to blend low inventory with buying from distant sources,” says the director of purchasing and logistics for Bose. Visualizing itself as a customer-driven organization, Bose now uses a sophisticated transportation system—what Bose’s manager of logistics calls “the best EDI system in the country.” Working closely with a national less-than-truckload carrier for the bulk of its domestic freight movements, including shipments arriving at a U.S. port from oversees, Bose implemented an electronic data interchange (EDI) system that does much more than simple tracking. The system operates close to real time and allows two-way communication between every one of the freight handler’s 230 terminals and Bose. Information is updated several times daily and is downloaded automatically, enabling Bose to perform shipping analysis and distribution channel modeling to achieve reliable lowest total cost scenarios. The company can also request removal from a terminal of any shipment that it must expedite with an air shipment. This state-of-the-art system provides a snapshot of what is happening on a daily basis and keeps Bose’s managers on top of everyday occurrences and decisions. Management proactively manages logistics time elements in pursuit of better customer service. The next step is to implement this system with all major suppliers rather than just with transportation suppliers. In the future, Bose plans to automate its entire materials system. Perhaps one of the most unique features of Bose’s procurement and logistics system is the development of JIT II. The basic premise of JIT II is simple: The person who can do the best job of ordering and managing inventory of a particular item is the supplier himself. Bose negotiated with each supplier to provide a full-time employee at the Bose plant who was responsible for ordering, shipping, and receiving materials from that plant, as well as managing on-site inventories of the items. This was done through an EDI connection between Bose’s plant and the supplier’s facility. Collocating suppliers and buyers was so successful that Bose is now implementing it at all plant locations. In fact, many other companies have also begun to implement collocation of suppliers. Assignment Questions The following assignment questions relate to ideas and concepts presented throughout this text. Answer some or all of the questions as directed by your instructor. 1. Discuss how the strategy development process might work at a company like Bose. 2. What should be the relationship between Bose’s supply management strategy and the development of its performance measurement system? 3. Why is purchased quality so important to Bose? 4. Can a just-in-time purchase system operate without total quality from suppliers? 5. Why can some components arrive at the Hillsdale, Michigan, plant with no incoming inspection required? 6. Discuss the reasons why Bose has a certificate of achievement program for identifying qualified suppliers. 7. Bose is moving toward single sourcing many of its purchased part requirements. Discuss why the company might want to do this. Are there any risks to that approach? 8. Discuss some of the difficulties a company like Bose might experience when trying to implement just-in-time purchasing with international suppliers. 9. Why does Bose have to source so much of its purchase requirements from offshore suppliers? 10. What makes the JIT II system at Bose unique? Why would a company pursue this type of system? 11. Why is it necessary to enter into a longer-term contractual arrangement when pursuing arrangements like the one Bose has with its domestic transportation carrier? 12. Why is it important to manage logistics time elements proactively when pursuing higher levels of customer service? 13. What role does information technology play at Bose? 14. What advantages do information technology systems provide to Bose that might not be available to a company that does not have these systems? 15. Why has Bose developed its supplier performance measurement system? 16. Do you think the performance measurement systems at Bose are computerized or manual? Why?

SUPPLY CHAIN MANAGEMENT AT BOSE CORPORATION Bose Corporation, headquartered in Framingham, Massachusetts, offers an excellent example of integrated supply chain management. Bose, a producer of audio premium speakers used in automobiles, high-fidelity systems, and consumer and commercial broadcasting systems, was founded in 1964 by Dr. Bose of MIT. Bose currently maintains plants in Massachusetts and Michigan as well as Canada, Mexico, and Ireland. Its purchasing organization, while decentralized, has some overlap that requires coordination between sites. It manages this coordination by using conference calls between managers, electronic communication, and joint problem solving. The company is moving toward single sourcing many of its 800 to 1,000 parts, which include corrugated paper, particle board and wood, plastic injected molded parts, fasteners, glues, woofers, and fabric. Some product components, such as woofers, are sourced overseas. For example, at the Hillsdale, Michigan, plant, foreign sourcing accounts for 20% of purchases, with the remainder of suppliers located immediately within the state of Michigan. About 35% of the parts purchased at this site are single sourced, with approximately half of the components arriving with no incoming inspection performed. In turn, Bose ships finished products directly to Delco, Honda, and Nissan and has a record of no missed deliveries. Normal lead time to customers is 60 working days, but Bose can expedite shipments in one week and airfreight them if necessary. The company has developed a detailed supplier performance system that measures on-time delivery, quality performance, technical improvements, and supplier suggestions. A report is generated twice a month from this system and sent to the supplier providing feedback about supplier performance. If there is a three-week trend of poor performance, Bose will usually establish a specific goal for improvement that the supplier must attain. Examples include 10% delivery improvement every month until 100% conformance is achieved, or 5% quality improvement until a 1% defect level is reached over a four-month period. In one case, a supplier sent a rejected shipment back to Bose without explanation and with no corrective action taken. When no significant improvement occurred, another supplier replaced the delinquent supplier. Bose has few written contracts with suppliers. After six months of deliveries without rejects, Bose encourages suppliers to apply for a certificate of achievement form, signifying that they are qualified suppliers. One of the primary criteria for gaining certification involves how well the supplier responds to corrective action requests. One of the biggest problems observed is that suppliers often correct problems on individual parts covered by a corrective action form without extending these corrective actions to other part families and applicable parts. Bose has adopted a unique system of marrying just-in-time (JIT) purchasing with global sourcing. Approximately half of the dollar value of Bose’s total purchases are made overseas, with the majority of the sourcing done in Asia. Because foreign sourcing does not support just-in-time deliveries, Bose “had to find a way to blend low inventory with buying from distant sources,” says the director of purchasing and logistics for Bose. Visualizing itself as a customer-driven organization, Bose now uses a sophisticated transportation system—what Bose’s manager of logistics calls “the best EDI system in the country.” Working closely with a national less-than-truckload carrier for the bulk of its domestic freight movements, including shipments arriving at a U.S. port from oversees, Bose implemented an electronic data interchange (EDI) system that does much more than simple tracking. The system operates close to real time and allows two-way communication between every one of the freight handler’s 230 terminals and Bose. Information is updated several times daily and is downloaded automatically, enabling Bose to perform shipping analysis and distribution channel modeling to achieve reliable lowest total cost scenarios. The company can also request removal from a terminal of any shipment that it must expedite with an air shipment. This state-of-the-art system provides a snapshot of what is happening on a daily basis and keeps Bose’s managers on top of everyday occurrences and decisions. Management proactively manages logistics time elements in pursuit of better customer service. The next step is to implement this system with all major suppliers rather than just with transportation suppliers. In the future, Bose plans to automate its entire materials system. Perhaps one of the most unique features of Bose’s procurement and logistics system is the development of JIT II. The basic premise of JIT II is simple: The person who can do the best job of ordering and managing inventory of a particular item is the supplier himself. Bose negotiated with each supplier to provide a full-time employee at the Bose plant who was responsible for ordering, shipping, and receiving materials from that plant, as well as managing on-site inventories of the items. This was done through an EDI connection between Bose’s plant and the supplier’s facility. Collocating suppliers and buyers was so successful that Bose is now implementing it at all plant locations. In fact, many other companies have also begun to implement collocation of suppliers. Assignment Questions The following assignment questions relate to ideas and concepts presented throughout this text. Answer some or all of the questions as directed by your instructor. 1. Discuss how the strategy development process might work at a company like Bose. 2. What should be the relationship between Bose’s supply management strategy and the development of its performance measurement system? 3. Why is purchased quality so important to Bose? 4. Can a just-in-time purchase system operate without total quality from suppliers? 5. Why can some components arrive at the Hillsdale, Michigan, plant with no incoming inspection required? 6. Discuss the reasons why Bose has a certificate of achievement program for identifying qualified suppliers. 7. Bose is moving toward single sourcing many of its purchased part requirements. Discuss why the company might want to do this. Are there any risks to that approach? 8. Discuss some of the difficulties a company like Bose might experience when trying to implement just-in-time purchasing with international suppliers. 9. Why does Bose have to source so much of its purchase requirements from offshore suppliers? 10. What makes the JIT II system at Bose unique? Why would a company pursue this type of system? 11. Why is it necessary to enter into a longer-term contractual arrangement when pursuing arrangements like the one Bose has with its domestic transportation carrier? 12. Why is it important to manage logistics time elements proactively when pursuing higher levels of customer service? 13. What role does information technology play at Bose? 14. What advantages do information technology systems provide to Bose that might not be available to a company that does not have these systems? 15. Why has Bose developed its supplier performance measurement system? 16. Do you think the performance measurement systems at Bose are computerized or manual? Why?

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– 1 – Fall 2015 EECS 338 Assignment 2 Due: Oct. 1st, 2015 G. Ozsoyoglu Concurrent Programming with Semaphores; 140 points (100 pts) 1. Priority-based Searchers/Inserters/Deleters Problem without starvation. Three types of processes, namely, searchers, inserters, and deleters share access to a singly linked list L, and perform search, insert, or delete operations, respectively. The list L does not have duplicate values. a) Searchers merely search the list L, and report success (i.e., item searched is in L) or no-success (i.e., item searched is not in L) to a log file. Hence they can execute concurrently with each other. b) Inserters add new items to the end of the list L, and report success (i.e., item is not in L, and successfully inserted into L) or no-success (i.e., item is already in L, and no insertion takes place) to a log file. Insertions must be mutually exclusive to preclude two inserters from inserting new items at about the same time. However, one insert can proceed in parallel with any number of searches. c) Deleters remove items from anywhere in the list, and report success (i.e., the item is found in L and deleted) or no-success (i.e., item is not in L, and could not be deleted) to a log file. At most one deleter can access the list L at a time, and the deletion must be mutually exclusive with searches and insertions. d) Initial start. Searcher, inserter, and deleter processes are initially launched as follows. A user process that needs a search/insertion/deletion operation to the list L first forks a process, and then, in the forked process, performs an execv into a searcher/ inserter/deleter process. e) Log maintenance. Upon start, each searcher/inserter/deleter writes to a log file, recording the time of insertion, process id, process type (i.e., searcher, inserter, or deleter), and the item that is being searched/inserted/deleted. f) Termination. Upon successful or unsuccessful completion, each searcher/inserter/deleter writes to the same log file, recording the time and the result of its execution. g) Priority-based service between three types. Searchers, inserters, and deleters perform their search, insert, delete operations, respectively, on a priority basis (not on a first-come-first-serve (FCFS) basis) between separate process types (i.e., searchers, inserters, deleters) as follows. Searchers search with the highest priority; inserters insert with the second highest priority (except that one inserter can proceed in parallel with any number of searchers), and deleters delete with the lowest priority. h) FCFS service within a single type. Processes of the same type are serviced FCFS. As an example, among multiple inserters, the order of insertions into L is FCFS. Similarly, among multiple deleters, the order of deletions into L is FCFS. Note that, among searchers, while the start of search among searchers is FCFS, due to concurrent searcher execution, the completions of multiple searchers may not be FCFS. i) Starvation avoidance. In addition to the above priority-based search/insert/delete operations, the following starvation-avoidance rule is enforced. o After 10 consecutive searchers search the list L, if there is at least one waiting inserter or deleter then newly arriving searchers are blocked until (a) all waiting inserters are first serviced FCFS, and, then (b) all waiting deleters are serviced FCFS. Then, both the standard priority-based service between process types and the FCFS service within a process type resume. You are to specify a semaphore-based algorithm to synchronize searcher, inserter and deleter processes. Note:  Explain your algorithm.  Make sure to state any assumptions you make in your solution.  Specify the initial states of your variables and semaphores.  Specify whether your semaphores are binary or nonbinary.  Do not bother specifying algorithms for sequential tasks: simply specify a well-defined function/procedure (i.e., one with well-defined input/output/functional specification). – 2 – (40 pts) 2. Four-of-a-Kind Problem is defined as follows.  There is a deck of 24 cards, split into 6 different kinds, 4 cards of each kind.  There are 4 players (i.e., processes) ??,0≤?≤3; each player can hold 4 cards.  Between each pair of adjacent (i.e., seated next to each other) players, there is a pile of cards.  The game begins by o someone dealing four cards to each player, and putting two cards on the pile between each pair of adjacent players, and o ?0 starting the game. If ?0 has four-of-a-kind, ?0 wins. Whoever gets four-of-a-kind first wins.  Players take turns to play clockwise. That is, ?0 plays, ?1 plays, ?2 plays, ?3 plays, ?0 plays, etc.  Each player behaves as follows. o So long as no one has won, keep playing. o If it is my turn and no one has won:  Check for Four-of-a-Kind. If yes, claim victory. Otherwise discard a card into the pile on the right; pick up a card from the pile on the left; and, check again: If Four-of-a-Kind, claim victory; otherwise revise turn so that the next player plays and wait for your turn.  There are no ties; when a player has claimed victory, all other players stop (when their turns to play come up). You are to specify a semaphore-based algorithm to the Four-of-a-Kind problem. Note:  Explain your algorithm.  Make sure to state any assumptions you make in your solution.  Specify the initial states of your variables and semaphores.  Specify whether your semaphores are binary or nonbinary.  Do not bother specifying algorithms for sequential tasks: simply specify a well-defined function/procedure (i.e., one with well-defined input/output/functional specification). P1 P0 P2 P3 pile 1 pile 2 pile 3 pile 0

– 1 – Fall 2015 EECS 338 Assignment 2 Due: Oct. 1st, 2015 G. Ozsoyoglu Concurrent Programming with Semaphores; 140 points (100 pts) 1. Priority-based Searchers/Inserters/Deleters Problem without starvation. Three types of processes, namely, searchers, inserters, and deleters share access to a singly linked list L, and perform search, insert, or delete operations, respectively. The list L does not have duplicate values. a) Searchers merely search the list L, and report success (i.e., item searched is in L) or no-success (i.e., item searched is not in L) to a log file. Hence they can execute concurrently with each other. b) Inserters add new items to the end of the list L, and report success (i.e., item is not in L, and successfully inserted into L) or no-success (i.e., item is already in L, and no insertion takes place) to a log file. Insertions must be mutually exclusive to preclude two inserters from inserting new items at about the same time. However, one insert can proceed in parallel with any number of searches. c) Deleters remove items from anywhere in the list, and report success (i.e., the item is found in L and deleted) or no-success (i.e., item is not in L, and could not be deleted) to a log file. At most one deleter can access the list L at a time, and the deletion must be mutually exclusive with searches and insertions. d) Initial start. Searcher, inserter, and deleter processes are initially launched as follows. A user process that needs a search/insertion/deletion operation to the list L first forks a process, and then, in the forked process, performs an execv into a searcher/ inserter/deleter process. e) Log maintenance. Upon start, each searcher/inserter/deleter writes to a log file, recording the time of insertion, process id, process type (i.e., searcher, inserter, or deleter), and the item that is being searched/inserted/deleted. f) Termination. Upon successful or unsuccessful completion, each searcher/inserter/deleter writes to the same log file, recording the time and the result of its execution. g) Priority-based service between three types. Searchers, inserters, and deleters perform their search, insert, delete operations, respectively, on a priority basis (not on a first-come-first-serve (FCFS) basis) between separate process types (i.e., searchers, inserters, deleters) as follows. Searchers search with the highest priority; inserters insert with the second highest priority (except that one inserter can proceed in parallel with any number of searchers), and deleters delete with the lowest priority. h) FCFS service within a single type. Processes of the same type are serviced FCFS. As an example, among multiple inserters, the order of insertions into L is FCFS. Similarly, among multiple deleters, the order of deletions into L is FCFS. Note that, among searchers, while the start of search among searchers is FCFS, due to concurrent searcher execution, the completions of multiple searchers may not be FCFS. i) Starvation avoidance. In addition to the above priority-based search/insert/delete operations, the following starvation-avoidance rule is enforced. o After 10 consecutive searchers search the list L, if there is at least one waiting inserter or deleter then newly arriving searchers are blocked until (a) all waiting inserters are first serviced FCFS, and, then (b) all waiting deleters are serviced FCFS. Then, both the standard priority-based service between process types and the FCFS service within a process type resume. You are to specify a semaphore-based algorithm to synchronize searcher, inserter and deleter processes. Note:  Explain your algorithm.  Make sure to state any assumptions you make in your solution.  Specify the initial states of your variables and semaphores.  Specify whether your semaphores are binary or nonbinary.  Do not bother specifying algorithms for sequential tasks: simply specify a well-defined function/procedure (i.e., one with well-defined input/output/functional specification). – 2 – (40 pts) 2. Four-of-a-Kind Problem is defined as follows.  There is a deck of 24 cards, split into 6 different kinds, 4 cards of each kind.  There are 4 players (i.e., processes) ??,0≤?≤3; each player can hold 4 cards.  Between each pair of adjacent (i.e., seated next to each other) players, there is a pile of cards.  The game begins by o someone dealing four cards to each player, and putting two cards on the pile between each pair of adjacent players, and o ?0 starting the game. If ?0 has four-of-a-kind, ?0 wins. Whoever gets four-of-a-kind first wins.  Players take turns to play clockwise. That is, ?0 plays, ?1 plays, ?2 plays, ?3 plays, ?0 plays, etc.  Each player behaves as follows. o So long as no one has won, keep playing. o If it is my turn and no one has won:  Check for Four-of-a-Kind. If yes, claim victory. Otherwise discard a card into the pile on the right; pick up a card from the pile on the left; and, check again: If Four-of-a-Kind, claim victory; otherwise revise turn so that the next player plays and wait for your turn.  There are no ties; when a player has claimed victory, all other players stop (when their turns to play come up). You are to specify a semaphore-based algorithm to the Four-of-a-Kind problem. Note:  Explain your algorithm.  Make sure to state any assumptions you make in your solution.  Specify the initial states of your variables and semaphores.  Specify whether your semaphores are binary or nonbinary.  Do not bother specifying algorithms for sequential tasks: simply specify a well-defined function/procedure (i.e., one with well-defined input/output/functional specification). P1 P0 P2 P3 pile 1 pile 2 pile 3 pile 0

– 1 – Fall 2015 EECS 338 Assignment 2 Due: … Read More...
Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

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ECON 101 FALL 2015 EXAM 1 NAME:______________________________ 1. Suppose the price elasticity of demand for cheeseburgers equals 1.37. This means the overall demand for cheeseburgers is: A) price elastic. B) price inelastic. C) price unit-elastic. D) perfectly price inelastic. 2. The price elasticity of demand for skiing lessons in New Hampshire is less than 1.00. This means that the demand is ______ in New Hampshire. A) price elastic B) price inelastic C) price unit-elastic D) perfectly price elastic 3. If the demand for textbooks is price inelastic, which of the following would explain this? A) Many alternative textbooks can be used as substitutes. B) Students have a lot of time to adjust to price changes. C) Textbook purchases consume a large portion of most students’ income. D) The good is a necessity. 4. A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, “Due to the increase in tuition, how many of you will transfer to another university?” One student out of about 300 said that he or she would transfer. Based on this information, the price elasticity of demand for education at this university is: (Hint: one out of 300 is how much of a percentage change? Which percentage change is greater – tuition or transfer? Apply the basic formula for elasticity that I put on the board a few times.) A) one. B) highly elastic. C) highly inelastic. D) zero. 5. Suppose the price elasticity of demand for fishing lures equals 1 in South Carolina and 0.63 in Alabama. To increase revenue, fishing lure manufacturers should: (Hint: If the demand for a product is inelastic, the price can go up and you’ll still buy it, since there are no or few substitutes. If the demand for a product is elastic, the price can go up and you’ll probably walk away from it, since substitutes are available. How might this info impact the pricing strategies of firms?) A) lower prices in each state. B) raise prices in each state. C) lower prices in South Carolina and raise prices in Alabama. D) leave prices unchanged in South Carolina and raise prices in Alabama. Read your syllabus and answer questions 6 through 10: 6. T or F: Disruptive classroom behavior includes the following: chatting with fellow students, use of electronic devices such as laptops, tablets, notebooks, and cell phones, reading or studying during class, sleeping, arriving late, departing early, studying for another class, or in any other way disturbing the class. 7. T or F: It’s OK to use my computer in class or play with my phone. There is no penalty attached to these activities and Keiser doesn’t really mind. 8. T or F: It’s OK to show up late for class and disrupt one of Keiser’s swashbuckling lectures. 9. T or F: Attendance is highly optional since it doesn’t impact my final course grade. 10. T or F: I should blow off the career plan/business plan assignment in this course because it’s unimportant to my future and not worth many points. 11. Jacquelyn is a student at a major state university. Which of the following is not an example of an explicit, or direct, cost of her attending college? A) Tuition B) Textbooks C) the salary that she could have earned working full time D) computer lab fees 12. The two principles of tax fairness are: A) the minimize distortions principle and the maximize revenue principle. B) the benefits principle and the ability-to-pay principle. C) the proportional tax principle and the ability-to-pay principle. D) the equity principle and the efficiency principle. 13. The benefits principles says: A) the amount of tax paid depends on the measure of value. B) those who benefit from public spending should bear the burden of the tax that pays for that spending. C) those with greater ability to pay should pay more tax. D) those who benefit from the tax should pay the same percentage of the tax base as those who do not benefit. 14. A tax that rises less than in proportion to income is described as: (Hint: This would have more of a negative impact on lower income earners vs. higher income earners.) A) progressive. B) proportional. C) regressive. D) structural. 15. The U.S. income tax is _______, while the payroll tax is _______. (Hint: Think income tax vs. Social Security tax.) A) progressive; progressive C) regressive; progressive B) progressive; regressive D) regressive; regressive 16. Who is currently leading in the polls to receive the Republican nomination as that party’s presidential candidate? A) Qasem Soleimani B) Abu Bakr al-Baghdadi C) Osama bin Laden D) Donald J. Trump 17. The single most important thing I’ve learned in class this term is: A) stay in frickin’ school B) stay in school and make a plan for life and my career C) the use of cheese for skyscraper construction D) both A and B above 18. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) all of the above occur. 19. Excess supply occurs when: (Hint: Draw a supply and demand graph! Think about price ceilings and floors and the graphs of these we discussed in class.) A) the price is above the equilibrium price. B) the quantity demanded exceeds the quantity supplied. C) the price is below the equilibrium price. D) both b and c occur. 20. The single most important thing I’ve learned in class this term is: a. stay in school and look into either a study abroad or internship experience b. stay in school and make a plan for life and my career c. the untimely demise of Cecil the lion in Zimbabwe d. both a. and b. above 21. According to the textbook definition, mainstream microeconomics generally focuses on a. how individual decision-making units, like households and firms, make economic decisions. b. the performance of the national economy and policies to improve this performance. c. the relationship between economic and political institutions. d. the general level of prices in the national economy. 22. Which of the following is the best summary of the three basic economic questions? a. Who? Why? and When? b. What? How? and Who? c. When? Where? and Why? d. What? Where? and Who? 23. Which of the following is not one of the basic economic resources? a. land b. labor c. capital d. cheese e. entrepreneurship 24. The largest country in the Arabian Peninsula and home to the cities of Riyadh, Jeddah, Mecca, and Medina is: a. The Kingdom of Saudi Arabia b. California c. Spain d. Kentucky 25. T or F: The law of demand explains the upward slope of the supply curve. 26. In economics, a “marginal” value refers to: a. the value associated with an important or marginal activity. b. a value entered as an explanatory item in the margin of a balance sheet or other accounts. c. the value associated with one more unit of an activity. d. a value that is most appropriately identified in a footnote. 27. A government mandated price that is below the market equilibrium price is sometimes called. . . (Hint: Draw a graph again and think about what the government is trying to accomplish.) a. a price ceiling. b. a price floor. c. a market clearing price. d. a reservation price. 28. T or F: Entering the US job market without any education or training is crazy and should be avoided. Stay in frickin’ school, baby! 29. The law of demand states that, other things equal: a. as the price increases, the quantity demanded will increase. b. as the price decreases, the demand curve will shift to the right. c. as the price increases, the quantity demanded will decrease. d. none of the above. 30. The law of supply says: a. other things equal, the quantity supplied of a good is inversely related to the price of the good. b. other things equal, the supply of a good creates its own demand. c. other things equal, the quantity supplied of a good is positively related to the price of the good. d. none of the above. 31. A perfectly inelastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 32. A trade-off involves weighing costs and benefits. a. true b. false 33. A perfectly elastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 34. The second most important thing I’ve learned in class this term is: a. despair is not an option b. Donald J. Trump’s hair is real c. the use of cheese for skyscraper construction d. none of the above 35. T or F: Virtually any news item has important economic dimensions and consequences. 36. T or F: When studying economics, always think in terms of historical context. 37. This popular Asian country is populated by 1.3 billion people, has the world’s second largest economy, and uses a language that’s been in continuous use for nearly 5,000 years: a. Kentucky b. California c. Spain d. China 38. T or F: The top priority in my life right now should be my education and an internship experience. Without these, the job market is going to kick my butt! 39. Which of the following is a key side effect generated by the use of price ceilings? a. black markets b. products with too high of quality c. an excess supply of a good d. too many resources artificially channeled into the production of a good 40. Which of the following is NOT one of the four basic principles for understanding individual choice? a. Resources are scarce. b. The real cost of something is the money that you must pay to get it. c. “How much?” is a decision at the margin. d. People usually take advantage of opportunities to make themselves better off. 41. A hot mixture of pan drippings, flour, and water is commonly known as: a. interest rates and expected future real GDP. b. interest rates and current real GDP. c. inflation and expected future real GDP. d. gravy. 42. The example we used in class when discussing the inefficiency of quantity quotas was: a. Uber b. General Electric c. AT&T d. the KSU marching band 43. The term we learned in class signifying a key method of non-price competition is: a. excess supply chain management b. arbitrage c. swashbuckling d. product differentiation 44. When discussing market failure and the role of regulation in class, which company/product did we use as an example? a. Pabst Blue Ribbon b. JetBlue c. Blue Bell d. Blue Apron 45. Governments may place relatively high sales taxes on goods such as alcohol and tobacco because: a. such taxes are a significant source of revenue b. such goods exhibit inelastic demand c. such taxes may discourage use of these products d. all of the above 46. When discussing the cost of higher education in class, which country did we cite as an example of one that offers free college for qualifying students? a. USSR b. Rhodesia c. Czechoslovakia d. Germany 47. Which of the following is not an example of market failure we discussed in class? a. externalities b. public goods c. fungible goods d. common pool resources e. equity 48. T or F: As we discussed in class, the real reason why the US has lost jobs to China is the “most favored nation” (MFN) trading status granted to China by the US back in the 1980s. 49. The dude we talked about in class who coined the expression “invisible hand” and promoted self-interest and competition in his famous book “The Wealth of Nations” is: a. Abu Bakr al-Baghdadi b. Ali Khamenei c. Donald J. Trump d. Adam Smith 50. When studying for your final exams and attempting to allocate your limited time among several subjects in order to maximize your course grades (recall, we talked about this example during the first week of class), you’re almost unconsciously engaging in a form of: a. fraud b. miscellaneous serendipity b. mitosis d. marginal analysis

ECON 101 FALL 2015 EXAM 1 NAME:______________________________ 1. Suppose the price elasticity of demand for cheeseburgers equals 1.37. This means the overall demand for cheeseburgers is: A) price elastic. B) price inelastic. C) price unit-elastic. D) perfectly price inelastic. 2. The price elasticity of demand for skiing lessons in New Hampshire is less than 1.00. This means that the demand is ______ in New Hampshire. A) price elastic B) price inelastic C) price unit-elastic D) perfectly price elastic 3. If the demand for textbooks is price inelastic, which of the following would explain this? A) Many alternative textbooks can be used as substitutes. B) Students have a lot of time to adjust to price changes. C) Textbook purchases consume a large portion of most students’ income. D) The good is a necessity. 4. A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, “Due to the increase in tuition, how many of you will transfer to another university?” One student out of about 300 said that he or she would transfer. Based on this information, the price elasticity of demand for education at this university is: (Hint: one out of 300 is how much of a percentage change? Which percentage change is greater – tuition or transfer? Apply the basic formula for elasticity that I put on the board a few times.) A) one. B) highly elastic. C) highly inelastic. D) zero. 5. Suppose the price elasticity of demand for fishing lures equals 1 in South Carolina and 0.63 in Alabama. To increase revenue, fishing lure manufacturers should: (Hint: If the demand for a product is inelastic, the price can go up and you’ll still buy it, since there are no or few substitutes. If the demand for a product is elastic, the price can go up and you’ll probably walk away from it, since substitutes are available. How might this info impact the pricing strategies of firms?) A) lower prices in each state. B) raise prices in each state. C) lower prices in South Carolina and raise prices in Alabama. D) leave prices unchanged in South Carolina and raise prices in Alabama. Read your syllabus and answer questions 6 through 10: 6. T or F: Disruptive classroom behavior includes the following: chatting with fellow students, use of electronic devices such as laptops, tablets, notebooks, and cell phones, reading or studying during class, sleeping, arriving late, departing early, studying for another class, or in any other way disturbing the class. 7. T or F: It’s OK to use my computer in class or play with my phone. There is no penalty attached to these activities and Keiser doesn’t really mind. 8. T or F: It’s OK to show up late for class and disrupt one of Keiser’s swashbuckling lectures. 9. T or F: Attendance is highly optional since it doesn’t impact my final course grade. 10. T or F: I should blow off the career plan/business plan assignment in this course because it’s unimportant to my future and not worth many points. 11. Jacquelyn is a student at a major state university. Which of the following is not an example of an explicit, or direct, cost of her attending college? A) Tuition B) Textbooks C) the salary that she could have earned working full time D) computer lab fees 12. The two principles of tax fairness are: A) the minimize distortions principle and the maximize revenue principle. B) the benefits principle and the ability-to-pay principle. C) the proportional tax principle and the ability-to-pay principle. D) the equity principle and the efficiency principle. 13. The benefits principles says: A) the amount of tax paid depends on the measure of value. B) those who benefit from public spending should bear the burden of the tax that pays for that spending. C) those with greater ability to pay should pay more tax. D) those who benefit from the tax should pay the same percentage of the tax base as those who do not benefit. 14. A tax that rises less than in proportion to income is described as: (Hint: This would have more of a negative impact on lower income earners vs. higher income earners.) A) progressive. B) proportional. C) regressive. D) structural. 15. The U.S. income tax is _______, while the payroll tax is _______. (Hint: Think income tax vs. Social Security tax.) A) progressive; progressive C) regressive; progressive B) progressive; regressive D) regressive; regressive 16. Who is currently leading in the polls to receive the Republican nomination as that party’s presidential candidate? A) Qasem Soleimani B) Abu Bakr al-Baghdadi C) Osama bin Laden D) Donald J. Trump 17. The single most important thing I’ve learned in class this term is: A) stay in frickin’ school B) stay in school and make a plan for life and my career C) the use of cheese for skyscraper construction D) both A and B above 18. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) all of the above occur. 19. Excess supply occurs when: (Hint: Draw a supply and demand graph! Think about price ceilings and floors and the graphs of these we discussed in class.) A) the price is above the equilibrium price. B) the quantity demanded exceeds the quantity supplied. C) the price is below the equilibrium price. D) both b and c occur. 20. The single most important thing I’ve learned in class this term is: a. stay in school and look into either a study abroad or internship experience b. stay in school and make a plan for life and my career c. the untimely demise of Cecil the lion in Zimbabwe d. both a. and b. above 21. According to the textbook definition, mainstream microeconomics generally focuses on a. how individual decision-making units, like households and firms, make economic decisions. b. the performance of the national economy and policies to improve this performance. c. the relationship between economic and political institutions. d. the general level of prices in the national economy. 22. Which of the following is the best summary of the three basic economic questions? a. Who? Why? and When? b. What? How? and Who? c. When? Where? and Why? d. What? Where? and Who? 23. Which of the following is not one of the basic economic resources? a. land b. labor c. capital d. cheese e. entrepreneurship 24. The largest country in the Arabian Peninsula and home to the cities of Riyadh, Jeddah, Mecca, and Medina is: a. The Kingdom of Saudi Arabia b. California c. Spain d. Kentucky 25. T or F: The law of demand explains the upward slope of the supply curve. 26. In economics, a “marginal” value refers to: a. the value associated with an important or marginal activity. b. a value entered as an explanatory item in the margin of a balance sheet or other accounts. c. the value associated with one more unit of an activity. d. a value that is most appropriately identified in a footnote. 27. A government mandated price that is below the market equilibrium price is sometimes called. . . (Hint: Draw a graph again and think about what the government is trying to accomplish.) a. a price ceiling. b. a price floor. c. a market clearing price. d. a reservation price. 28. T or F: Entering the US job market without any education or training is crazy and should be avoided. Stay in frickin’ school, baby! 29. The law of demand states that, other things equal: a. as the price increases, the quantity demanded will increase. b. as the price decreases, the demand curve will shift to the right. c. as the price increases, the quantity demanded will decrease. d. none of the above. 30. The law of supply says: a. other things equal, the quantity supplied of a good is inversely related to the price of the good. b. other things equal, the supply of a good creates its own demand. c. other things equal, the quantity supplied of a good is positively related to the price of the good. d. none of the above. 31. A perfectly inelastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 32. A trade-off involves weighing costs and benefits. a. true b. false 33. A perfectly elastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 34. The second most important thing I’ve learned in class this term is: a. despair is not an option b. Donald J. Trump’s hair is real c. the use of cheese for skyscraper construction d. none of the above 35. T or F: Virtually any news item has important economic dimensions and consequences. 36. T or F: When studying economics, always think in terms of historical context. 37. This popular Asian country is populated by 1.3 billion people, has the world’s second largest economy, and uses a language that’s been in continuous use for nearly 5,000 years: a. Kentucky b. California c. Spain d. China 38. T or F: The top priority in my life right now should be my education and an internship experience. Without these, the job market is going to kick my butt! 39. Which of the following is a key side effect generated by the use of price ceilings? a. black markets b. products with too high of quality c. an excess supply of a good d. too many resources artificially channeled into the production of a good 40. Which of the following is NOT one of the four basic principles for understanding individual choice? a. Resources are scarce. b. The real cost of something is the money that you must pay to get it. c. “How much?” is a decision at the margin. d. People usually take advantage of opportunities to make themselves better off. 41. A hot mixture of pan drippings, flour, and water is commonly known as: a. interest rates and expected future real GDP. b. interest rates and current real GDP. c. inflation and expected future real GDP. d. gravy. 42. The example we used in class when discussing the inefficiency of quantity quotas was: a. Uber b. General Electric c. AT&T d. the KSU marching band 43. The term we learned in class signifying a key method of non-price competition is: a. excess supply chain management b. arbitrage c. swashbuckling d. product differentiation 44. When discussing market failure and the role of regulation in class, which company/product did we use as an example? a. Pabst Blue Ribbon b. JetBlue c. Blue Bell d. Blue Apron 45. Governments may place relatively high sales taxes on goods such as alcohol and tobacco because: a. such taxes are a significant source of revenue b. such goods exhibit inelastic demand c. such taxes may discourage use of these products d. all of the above 46. When discussing the cost of higher education in class, which country did we cite as an example of one that offers free college for qualifying students? a. USSR b. Rhodesia c. Czechoslovakia d. Germany 47. Which of the following is not an example of market failure we discussed in class? a. externalities b. public goods c. fungible goods d. common pool resources e. equity 48. T or F: As we discussed in class, the real reason why the US has lost jobs to China is the “most favored nation” (MFN) trading status granted to China by the US back in the 1980s. 49. The dude we talked about in class who coined the expression “invisible hand” and promoted self-interest and competition in his famous book “The Wealth of Nations” is: a. Abu Bakr al-Baghdadi b. Ali Khamenei c. Donald J. Trump d. Adam Smith 50. When studying for your final exams and attempting to allocate your limited time among several subjects in order to maximize your course grades (recall, we talked about this example during the first week of class), you’re almost unconsciously engaging in a form of: a. fraud b. miscellaneous serendipity b. mitosis d. marginal analysis

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Watch this video and answer the multi choices: https://www.youtube.com/watch?v=D4lB4SowAQA PART 1 _______1. Sociologists obtained their knowledge of human behavior through _______, which is this process of systematically collecting information for the purpose of testing an existing theory or generating a new one. a. Common sense ideas b. Research c. Myths d. scientific laws _______2. With ____Research, the goal is scientific objectivity, and the focus is on data that can be measured numerically a. qualitative b. observational c. c. quantitative d. d. explanatory _______3. With _______research, interpretative description (words) rather than statistics (numbers) are used to analyze underlying meaning and patterns of social relationships. a. qualitative b. observational c. quantitative d. explanatory _______4. Researchers in one study systematically analyzed the contents of the notes of suicide victims to determine recurring themes, such as feeling of despair or failure. They hoped to determine if any patterns could be found that would help in understating why people might kill themselves. This is an example of __________. a. Qualitative research b. Explanatory research c. Quantitative research d. Descriptive research ______5. the first step in the research process is to: a. select and define the research problem b. review previous research. c. develop a research design d. formulate the hypothesis ______6. A_____sample is a selection from a larger population and has the essential characteristics of the total population. a. selective b. random c. representative d. longitudinal _______7. _________is the extent to which a study or research instrument accurately measures what it is supposed to measure;_________is the extent to which a study or research instrument yields consistent results. a. Validity; replication b. Replication; validity c. Validity; reliability d. Reliability; validity _______8. Researchers who use existing material and analyze data that originally was collected by others are engaged in: a. unethical conduct b. primary analysis. c. secondary analysis d. survey analysis _______9. In an experiment, the subjects in the control group a. are exposed to the independent variable. b. are not exposed to the independent variable. c. are exposed to the dependent variable. d. are not exposed to the dependent variable. _______10. A tentative statement that predicts the relationship between variable is called a. a hypothesis b. a research model. c. a probability sample. d. a generalization. ______11. John wants to test this idea: “people who attend church regularly are less likely to express prejudice toward other races than people who do not attend church regularly.’ This idea is John’s a. hypothesis. b. research model. c. conclusion. d. operational definition _______12. In a research project, which of the following steps would come after the other three? a. choosing a research design b. reviewing the literature c. formulating a hypothesis d. collecting the data ________13. The variable hypothesized to cause or influence another is called the a. dependent variable. b. hypothetical variable c. correlation variable d. independent variable ________14. An explanation of an abstract concept that is specific enough to allow a research to measure the concept is a a. Hypothesis b. correlation. c. operatonal definition. d. variable _____15. Observation, ethnography, and case studies are examples of: a. survey research b. experiments. c. Secondary analysis of existing data. d. Field research. ______16. Theory and research are interrelated because a. theory always precedes research. b. research always precedes theory c. both put limits on each other. d. they are parts of a constant cycle. ______17. A dependent variable is one that a. always occurs first. b. is influenced by another variable. c. Causes another variable to change. d. is the most important ______18. In a study designed to test the relationship between gender and voting behavior, the independent variable would be a. the age of the candidates b. voting behavior. c. The political party of the candidates. d. Gender ______19. Differences in age, sex, race, and social class are treated as ____________in sociological research. a. variables b. references c. causes d. controls ______20. Researchers in agriculture decided to test the effects of a new fertilizer on crop growth. In this study, crop growth is the a. independent variable b. dependent variable c. control variable d. correlation e. _____21. The ______is appropriate for studying the relationships among variables under carefully controlled conditions. a. experiment b. survey c. observational study d. in-depth study _____22. In every experiment, some subjects are exposed to an independent variable, and are then watched closely for their reactions. These subjects are known as the a. reference group b. experimental group c. control group d. survey group. ______23. A usual research method for learning the attitudes of a population would be a. an experiment. b. A survey. c. An observational study. d. Content analysis ______24. In survey research, the total group of people the researcher is interested in is called a. the population b. the sample, c. the control group d. the random sample ______25. In the experiment method, the subjects who are exposed to all the experimental conditions except the independent variable are referred to as the_________________group. a. peer b. alternate c. control d. experimental ______26. A__________Sample is one in which every member of the population in The population has an equal chance of being selected. a. defined b. random c. purposive d. convenience ______27. A sociologist is following the research model outlined in the text. After reviewing the literature, the next step will be to a. find a suitable subject b. formulate a hypothesis c. collect the data. d. Choose a research design. ______28. Sociologists use two approaches when answering important questions. a. Explanatory and descriptive Approaches b. Direct and systematic Approaches c. Normative and systematic Approaches d. Normative and Empirical Approaches ______29. Sociologists use types of empirical studies a. Research and Theoretical Studies b. Descriptive and Explanatory Studies c. Hypothesis and Correlations Studies d. Longitudinal and Cross-sectional Studies ______30. The deductive approach begin with the a. Collecting data b. Theory and uses research to test the theory. c. Hypothesis d. Observation ______31. The inductive approach begin with a a. Theory b. Data Collection c. Reviewing the Literature d. The Problem State ______32. Quantitative Research deals with a. Words b. Numbers c. Interpretive descriptive d. Use number to analyze underlying meanings and patterns of social relationships. ______33. ________is the study of social life in its natural setting: observing and interviewing people where they live, work, and play. a. The survey b. Secondary analysis c. Field research d. The experiment ______34. ________refers to the process of collecting data while being part of the activities of the group that the researcher is studying a. The experiment b. Survey research c. Participant observation d. Secondary analysis _______35. A/an________is a detailed study of the life and activities of a group of people by researchers who may live with that group over a period of years. a. Correlational study b. ethnography c. experiment d. content analysis _______36. A/an _________is a carefully designed situation in which the researcher studies the impact of certain variables on subjects’ attitudes or behavior. a. case study b. correlational study c. experiment d. Participant observation _______37. In an experiment, the_______contains the subjects who are exposed to an independent variable to study its effect on them. a. Experiment group b. Dependent group c. Control group d. Independent group _______38. In an experiment, the_________contains the subjects who are not exposed to the independent variable. a. Experimental group b. Independent group c. Dependent group d. Control group _______39. ________is the extent to which a study or research instrument accurately measures what it is supposed to measure a. Validity b. Reliability c. Predictability d. Variability ______40. ________is the extent to which a study or research instrument yields consistent results when applied to different individual at one time or to same individuals over time. a. Validity b. Reliability c. Predictability d. Variability TRUE/FALSE ______41. In social science research, individuals are the most typical units of analysis. ______42. With qualitative research, statistics are used to analyze patterns of social relationship. ______43. Reliability is when a study gives consistent results to different research over time.

Watch this video and answer the multi choices: https://www.youtube.com/watch?v=D4lB4SowAQA PART 1 _______1. Sociologists obtained their knowledge of human behavior through _______, which is this process of systematically collecting information for the purpose of testing an existing theory or generating a new one. a. Common sense ideas b. Research c. Myths d. scientific laws _______2. With ____Research, the goal is scientific objectivity, and the focus is on data that can be measured numerically a. qualitative b. observational c. c. quantitative d. d. explanatory _______3. With _______research, interpretative description (words) rather than statistics (numbers) are used to analyze underlying meaning and patterns of social relationships. a. qualitative b. observational c. quantitative d. explanatory _______4. Researchers in one study systematically analyzed the contents of the notes of suicide victims to determine recurring themes, such as feeling of despair or failure. They hoped to determine if any patterns could be found that would help in understating why people might kill themselves. This is an example of __________. a. Qualitative research b. Explanatory research c. Quantitative research d. Descriptive research ______5. the first step in the research process is to: a. select and define the research problem b. review previous research. c. develop a research design d. formulate the hypothesis ______6. A_____sample is a selection from a larger population and has the essential characteristics of the total population. a. selective b. random c. representative d. longitudinal _______7. _________is the extent to which a study or research instrument accurately measures what it is supposed to measure;_________is the extent to which a study or research instrument yields consistent results. a. Validity; replication b. Replication; validity c. Validity; reliability d. Reliability; validity _______8. Researchers who use existing material and analyze data that originally was collected by others are engaged in: a. unethical conduct b. primary analysis. c. secondary analysis d. survey analysis _______9. In an experiment, the subjects in the control group a. are exposed to the independent variable. b. are not exposed to the independent variable. c. are exposed to the dependent variable. d. are not exposed to the dependent variable. _______10. A tentative statement that predicts the relationship between variable is called a. a hypothesis b. a research model. c. a probability sample. d. a generalization. ______11. John wants to test this idea: “people who attend church regularly are less likely to express prejudice toward other races than people who do not attend church regularly.’ This idea is John’s a. hypothesis. b. research model. c. conclusion. d. operational definition _______12. In a research project, which of the following steps would come after the other three? a. choosing a research design b. reviewing the literature c. formulating a hypothesis d. collecting the data ________13. The variable hypothesized to cause or influence another is called the a. dependent variable. b. hypothetical variable c. correlation variable d. independent variable ________14. An explanation of an abstract concept that is specific enough to allow a research to measure the concept is a a. Hypothesis b. correlation. c. operatonal definition. d. variable _____15. Observation, ethnography, and case studies are examples of: a. survey research b. experiments. c. Secondary analysis of existing data. d. Field research. ______16. Theory and research are interrelated because a. theory always precedes research. b. research always precedes theory c. both put limits on each other. d. they are parts of a constant cycle. ______17. A dependent variable is one that a. always occurs first. b. is influenced by another variable. c. Causes another variable to change. d. is the most important ______18. In a study designed to test the relationship between gender and voting behavior, the independent variable would be a. the age of the candidates b. voting behavior. c. The political party of the candidates. d. Gender ______19. Differences in age, sex, race, and social class are treated as ____________in sociological research. a. variables b. references c. causes d. controls ______20. Researchers in agriculture decided to test the effects of a new fertilizer on crop growth. In this study, crop growth is the a. independent variable b. dependent variable c. control variable d. correlation e. _____21. The ______is appropriate for studying the relationships among variables under carefully controlled conditions. a. experiment b. survey c. observational study d. in-depth study _____22. In every experiment, some subjects are exposed to an independent variable, and are then watched closely for their reactions. These subjects are known as the a. reference group b. experimental group c. control group d. survey group. ______23. A usual research method for learning the attitudes of a population would be a. an experiment. b. A survey. c. An observational study. d. Content analysis ______24. In survey research, the total group of people the researcher is interested in is called a. the population b. the sample, c. the control group d. the random sample ______25. In the experiment method, the subjects who are exposed to all the experimental conditions except the independent variable are referred to as the_________________group. a. peer b. alternate c. control d. experimental ______26. A__________Sample is one in which every member of the population in The population has an equal chance of being selected. a. defined b. random c. purposive d. convenience ______27. A sociologist is following the research model outlined in the text. After reviewing the literature, the next step will be to a. find a suitable subject b. formulate a hypothesis c. collect the data. d. Choose a research design. ______28. Sociologists use two approaches when answering important questions. a. Explanatory and descriptive Approaches b. Direct and systematic Approaches c. Normative and systematic Approaches d. Normative and Empirical Approaches ______29. Sociologists use types of empirical studies a. Research and Theoretical Studies b. Descriptive and Explanatory Studies c. Hypothesis and Correlations Studies d. Longitudinal and Cross-sectional Studies ______30. The deductive approach begin with the a. Collecting data b. Theory and uses research to test the theory. c. Hypothesis d. Observation ______31. The inductive approach begin with a a. Theory b. Data Collection c. Reviewing the Literature d. The Problem State ______32. Quantitative Research deals with a. Words b. Numbers c. Interpretive descriptive d. Use number to analyze underlying meanings and patterns of social relationships. ______33. ________is the study of social life in its natural setting: observing and interviewing people where they live, work, and play. a. The survey b. Secondary analysis c. Field research d. The experiment ______34. ________refers to the process of collecting data while being part of the activities of the group that the researcher is studying a. The experiment b. Survey research c. Participant observation d. Secondary analysis _______35. A/an________is a detailed study of the life and activities of a group of people by researchers who may live with that group over a period of years. a. Correlational study b. ethnography c. experiment d. content analysis _______36. A/an _________is a carefully designed situation in which the researcher studies the impact of certain variables on subjects’ attitudes or behavior. a. case study b. correlational study c. experiment d. Participant observation _______37. In an experiment, the_______contains the subjects who are exposed to an independent variable to study its effect on them. a. Experiment group b. Dependent group c. Control group d. Independent group _______38. In an experiment, the_________contains the subjects who are not exposed to the independent variable. a. Experimental group b. Independent group c. Dependent group d. Control group _______39. ________is the extent to which a study or research instrument accurately measures what it is supposed to measure a. Validity b. Reliability c. Predictability d. Variability ______40. ________is the extent to which a study or research instrument yields consistent results when applied to different individual at one time or to same individuals over time. a. Validity b. Reliability c. Predictability d. Variability TRUE/FALSE ______41. In social science research, individuals are the most typical units of analysis. ______42. With qualitative research, statistics are used to analyze patterns of social relationship. ______43. Reliability is when a study gives consistent results to different research over time.

info@checkyourstudy.com Watch this video and answer the multi choices:  https://www.youtube.com/watch?v=D4lB4SowAQA   … Read More...