eco exam

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Econ 4130 Final Exam

Answer the following questions to the best of your ability. Use of notes,or electronic resources are allowed, but

please do not contact each other. Good luck!

Section 1: Multiple Choice (4 points each, 64 total)

1) ______ Cincinnati was founded by missionaries with the intention of developing a theocratic society.

a. True b. False

2) ______ The discovery of oil in Texas led to waves of industrialization and significant changes to the economy.

a. True b. False

3) ______ American slaves were often undernourished as children, but fed well as adults, resulting in a unique “catching up,” of heights relative to comparison groups.

a. True b. False

4) ______ During South Korea’s economic development, very little change came to the industrial structure or makeup of exports

a. True b. False

5) ______ Piketty’s theory on inequality was that faster increases in the growth of capital income vs. wage income led to an increase in the concentration of wealth.

a. True b. False

6) ______ During the roaring twenties, prosperity was widespread and economists believed they reached a new level of prosperity

a. True b. False

7) ______ Knowledge during the European age of exploration was partially built off that of Arab and Muslim explorers during preceding years.

a. True b. False

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8) ______ Which of the following is a major reason the city of Columbus developed? a. Columbus was a transportation hub, and could trade with cities like Cincinatti

and Pittsburg easily

b. Columbus was the state capital, and offered political value for those who sought to influence legislators

c. Rich deposits allowed Columbus to export coal cheaply

9) ______ Which does NOT describe a limitation of China during their economic reforms of the last few decades?

a. Unemployment and difficulty finding jobs b. Inequality between Eastern and Western portions of the country c. Abnormally high tariffs on steel

10) _____ Which was NOT an effect of the Black Plague? a. Religious fervor and fanaticism increased, resulting in persecution in some

cases

b. Wages rose due to the reduction in the supply of labor c. Approximately 75 to 200 million people died across Europe and Asia d. An increase in exploration and understanding of science and medicine

11) _____ Which is most likely to describe a “source country,” for human trafficking? a. A developing country with low rates of growth b. A highly religious country with traditional institutions c. A rich and economically forward country d. A socially liberal, sexually relaxed country

12) _____ Which of the following did not contribute to the long-run prosperity of the US? a. Good Economic institutions b. Geography and natural resources c. Unified religion and a further demand for central governance d. Opportunity-centered and hard-working culture

13) _____ Which was NOT a policy that led to Singapore’s economic expansion? a. Good free trade relationships with other countries b. Investments in infrastructure and technology c. Adoption of Calvinism as the national religion d. Work with the UN and adoption of the Economic Development Board

14) _____ What was of India’s responses to the financial crisis? a. Collectivization of the means of production b. Decrease of import taxes and an expansion of trade c. Return to traditional agricultural methods

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15) _____ Which was not an effect of the Bubonic Plague in Europe a. Population reduction of approximately 33% in Europe b. Food prices rose due to strains on livestock c. Unrest and revolts as landlords attempted to control economic responses

16) _____ Which of the following was NOT a reason China adopted the One Child Policy? a. Limited food relative to agricultural capacity b. Limited economic opportunity relative to number of young people seeking

employment

c. Widespread child labor led to pressure to reduce it

Section 2: Short Answer (12 points each, 36 total)

Choose 3 of the following 4 questions to answer. I am expecting 1-2 paragraphs for each question. You are

demonstrating knowledge of the material, so more detail is always better.

17. In his “Essay on the Principle of Population,” Malthus summarizes two ways of thinking,

which we coined; the “perfectibility of man,” and “oscillation of misery.” Briefly describe

these schools of thought, and explain why Malthus supported one or the other.

18. Describe 2 historical events or time periods that display the principles (or support or refute

the conclusions) of the Malthusian population model. (Note: I’m not looking for any 2 specific

events here, I’m looking to see how well you can relate the model to historical events.)

19. In the Allen paper, there were 4 unique qualities about British input prices mentioned:

-British wages were higher than other countries

-High silver wages meant a high standard of living

-British wage-to-capital ratio was high

-British wage-to-energy ratio was high

Choose 3, and briefly describe how they affected the incentive structure of Great Britain’s

economy, and led to the Industrial Revolution taking place in Great Britain.

20. Explain the 2 views of technical change during the Industrial Revolution, and briefly

describe the reasons why Temin supported one side or the other.