Develop and support your theme with examples and illustrations.
a) If consumption and consumerism is the conclusion of the West, by what value does it justify another millennium? Discuss and comment
b) What is your vision of society in another 100 years in view of technological breakthroughs, violence, social disorganization? Defend your position.
a) How has society created both the vehicle for a new round of ethical dilemmas as well as for their solution?
b) If all is determined, how can we know what we know?
c) What is the historic justification for Western Society?
d) In the information revolution will automation itself be superseded by a knowledge based society?
e) Can you defend the statement: People should be able to shape the basic social circumstances of their lives. What is the problem?
1) A paradigm is a a) basic precept b) conclusion c) geometric figure d) hypothesis 2) Opportunity Costs defines a) choices b) advantages c) real costs d) inventory 3) Difference between social and technological solutions = difference between a) function and structure b) processes and procedure c) human and material d) West and East 4) Quantum leap between invention paradigms precedes computers since inventing the wheel a) using the machine to design another machine b) the advent of the electron c) the advent of fiber optics d) the end of the stone age 5) Workplace technology affects a) social organization b) democracy c) power relationships d) all of the above 6) de Tocqueville first identified a) Representative democracy b) Tyranny of the majority c) Three branches of government d) Federalism 7) Key concepts of Freud are not a) sublimation b) repression c) unconscious d) authenticity 8) Reflective consciousness is an important concept to whose thinking? a) Kerkegaard b) Freud c) Sartre d) Skinner 9) Bad Faith can also occur in a) action b) belief c) good faith d) all of the above 10) Freud and Sartre have in common the a) objective other b) self c) collective unconscious d) none of the above 11) Freud's academic background was in a) Biology b) Medicine c) Psychology d) Psychotherapy
1) According to Teich, tragedy uplifts and comedy breeds despair in a life scenario.
2) Using technology to solve technologically based social issues is circular.
3) Participatory democracy liberated design technology in research and development.
4) In America today democrat priorities supersede economic goals and technological development.
5) There are no limits to economic and ecological sustainability.
6) It is still possible to replace automation with more humane and user friendly technology.
7) The radical departure of Buddhism from Hinduism or Indo-European religion are their objective in nothingness.
8) Freud and Sartre agree in principle on the role instinct plays in the authentic personality.
9) Sublimation according to Freud is key to man's radical departure from other mammals in establishing culture and civilization.
Identify the dominant society in each western historical cycle. Match the country to the cycle.
England, Netherlands, France, Portugal, United States
FINAL EXAM (150 Points) Part I (2 points each - 25 questions)
1. 5 Billion decrease in fiscal spending will result in 20 billion decrease
in aggregate demand because of
a) Multiplier
b) Fiscal Policy
c) Monetary Policy
d) Investment Demand Curve
2. An investment demand curve shift will result in a shift in
a) Shift in the IS Curve
b) Shaft in the AD curve
c) Change in the Interest Rates
d) All of the Above
3. Under the Full Employment Act of 1946 Fiscal Policy is truly discretionary
True False
4. Income tax policy is
a) Highly Progressive
b) Slightly Progressive
c) Slightly Regressive
d) Highly Regressive
5. An example of a progressive tax is
a) Sales Tax
b) Income Tax
c) Inheritance Tax
d) Property Tax
6. The Full Employment Budget shifted the nation's understanding of surplus and deficit to the business cycle.
True False
7. The Full Employment Budget was first enacted in
a) 1946
b) 1973
c) 1982
d) 1996
8. Example of a lag in economic planning
a) Recognition Lag
b) Administration Lag
c) Both A and B
d) Neither A or B
9. In the ˜crowding out effect interest rates risk to either decrease
private investment or decrease net exports.
TRUE FALSE
10. A full employment Deficit is ˜appropriate" in
a) a time of War
b) a time of Recession
c) during Fiscal mismanagement
d) All of the above
11. Shifts in the Phillips curve is a measure of economic
a) Disequilibrium
b) Efficiency
c) Neither A or B
d) Both A and B
12. Bankruptcy and burdening future generations are generally considered invalid considerations for Fiscal Policy by economist
True False
13. Since World War II U S public debt has been about 50% annual GDP
TRUE FALSE
14. Approximately 1/3 of all government securities are held in the Social Securities Trust Fund
True False
15. The Balanced Budget Amendment according to the text would be bad fiscal policy.
True False
16. George Bush Jr's Tax Cut is a legitimate way to deal with the Surplus at the turn of the century.
True False
17. From #16, that means a Permanent Tax Cut is sound fiscal policy in 2005
True False
18. In class and in the Text there was considerable doubt as to the validity of a Long term Aggregate Supply Curve.
True False
19. Under Reagan, the Laffer Curve was used to justify Taxing the bottom 50% of the population
True False
20. Taxes as an incentive to work is a:
a) Supply side issue
b) Keysian Issue
c) Neo-Capitalist Issue
d) All of the Above
21. A shift in the Production Possibility curve is reflected in
a) Investment Demand
b) Savings Function
c) Phillip’s Curve
d) Price Index
22. Labor Productivity can be measured as a change in:
a) Technological Advance
b) Education and Training
c) Quantity of Capital
d) All of the Above
23. Labor Inputs vary according to
a) Average Hours of Work
b) Size of the Labor Force
c) Neither A or B
d) A and B
24. For a nation per capita Growth are more significant than growth in GDP
True False
25. Prior to World War II over half of U S Adult Population had not graduated from High School.
True False
Part II Short Answer (10 points each)
1. Group the following as Leading Indicators, Nominal Indicators, or Lagging Indicators.
a) capacity utilization b) average weekly hours c) unemployment rates d) Gross Domestic Product e) Price Index f) Housing starts g) Inventories h) Dow Jones Average i) Prime Rate
2. Given the following economic Indicators, Project the economic Equilibrium six months in advance.
a) GDP = 11.4 trillion
b) CPI = 103.0
c) Unemployment = 5.0
d) Interest Rates = 3.5%
3. The Dow Jones Industrial Average fell 1,000 points in the last two months, prime Interest rates have been pegged 1/4 % higher at the last meeting of the Federal Reserve, and Unemployment has held steady at 5.5%. What can we infer about the Economy?
4. The work force has declined by 2 million. The Price index has risen by 10% and Productivity has not risen significantly Where would you expect to be on the Phillips Curve. Explain
5. If Money Supply is increased significantly, and there is no change in Interest Rates or GDP after a reasonable period of time, what would Keynes infer?
Part III Long Essays (25 Points Each - answer two out of three)
1. Defend growth. Identify problems of productivity, population, sustainability, globalization, incentives, limited resources.
2. Identify the salient points of Keynes General Theory. Utilize the Hicks- Hansen Model and illustrate paradigm shifts in economic Parameters. Justify your work.
3. Identify the major factors of the monetarist school. Discuss differences between Keynes, monetarist, and classical (or Supply-Side) economics
EXTRA CREDIT (25 points Max)
Project the economy into 2020. What will be its salient features? What
Economic Issues do you expect will beg solutions? What Economic Issues will be
solved? Consider immigration, globalization, communication, transportation,
education, life expectancy, social organization among others.
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