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ABORIGINAL ECONOMICS Assignment 1

发布时间：2022-09-28

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ABORIGINAL ECONOMICS

Assignment 1: Due October 11, before 1 pm. 2022

Give short answers to questions I-VII.

For multiple-choice questions, you have to just submit a letter. For example, 1-a, 2-b, etc.

The whole assignment should be in the one-Word file. Submit to BS.

I. What are the main differences between the behavioral economics approach compare to (neo) classical economics?

II. How can behavioral economics be applied to aboriginal economics?

III. Define loss aversion.

IV. Give one application of loss aversion to your life.

V. How loss aversion can be applied to aboriginal economics?

VI. Define the framing effect.

VII. How the framing effect can be applied to aboriginal economics? Give one or two examples.

1. What does aboriginal economics study?

a.	Business opportunities for aboriginal people
b.	how aboriginal community manages its scarce resources
c.	central planning
d.	government regulation of aboriginal affairs

2. In most aboriginal societies, who allocates resources?

a.	a leader of the tribe
b.	those who own the resources
c.	those firms that use resources in reserves
d.	the combined actions of all members of the aboriginal community

3. Aboriginal Economists study

a.	how aboriginal people make decisions.
b.	how leaders of tribes interact with one another.
c.	the forces and trends that affect only the economy as a whole.
d.	how aboriginal societies change over time.

4. Which of the following is NOT a major area of study for aboriginal economics?

a.	how aboriginal peoples make decisions
b.	how tribes choose leaders
c.	how aboriginal peoples interact with each other
d.	how forces and trends affect the aboriginal economy

5. Henry decides to spend 2 hours in a casino rather than working at his job which pays $14 per hour. What is Henry's trade-off?

a.	the $28 he could have earned working for 2 hours
b.	nothing, because he enjoys casino more than working
c.	the increase in skill he obtains from playing in the casino for those 2 hours
d.	nothing, because he spent $28 for entry fees to the casino

6. Which is the best statement about the way economists study the aboriginal economy?

a.	They study the past but do not try to predict the future.
b.	They use a probabilistic approach based on correlations between economic events.
c.	They devise theories, collect data, and then analyze the data to test the theories.
d.	They use controlled experiments much the same way a biologist or physicist does.

7. What is a common thread between aboriginal economics and other sciences such as physics?

a.	Experiments are most often conducted in a lab.
b.	Real-world observations often lead to theories.
c.	A Ph.D. is required to truly understand any science.
d.	Both deal primarily with abstract concepts.

8. Why is the use of theory and observation more difficult in aboriginal economics than in sciences such as physics?

a.	due to the difficulty in evaluating an aboriginal economic experiment
b.	due to the difficulty in devising an aboriginal economic experiment
c.	due to the difficulty in actually performing an experiment in an aboriginal economic system
d.	due to the difficulty in collecting sufficient data

9. Because it is difficult for aboriginal economists to use experiments to generate data, what must they generally do?

a.	do without aboriginal data
b.	use whatever aboriginal data the world gives them
c.	select a committee of aboriginal economists to make up data for all aboriginal economists to use
d.	use hypothetical, computer-generated aboriginal data

10. When studying the effects of public policy changes, what have aboriginal economists often observed?

a.	There is a difference between the long run and short run.
b.	Unemployment and inflation are directly related in the short run.
c.	With stock prices, what goes up must come down.
d.	If the policy is well-designed, it will always be effective.

11. Why do aboriginal economists use models?

a.	to learn how the aboriginal economy works
b.	to make their profession appear more precise
c.	to make economics accessible to the public
d.	to make sure that all of the details of the economy are included in their analysis

12. Which is the best statement about the roles of aboriginal economists?

a.	Aboriginal economists are best viewed as policymakers.
b.	Aboriginal economists are best viewed as scientists.
c.	In trying to explain the world, aboriginal economists are policymakers; in trying to improve the world, they are scientists.
d.	In trying to explain the world, aboriginal economists are scientists; in trying to improve the world, they are policymakers.

13. For aboriginal economists, what are the two types of statements about the world?

a.	assumptions and theories
b.	true statements and false statements
c.	specific statements and general statements
d.	positive statements and normative statements

14. Which of the following is an example of a positive statement?

a.	Prices in reserve rise when the government provides too much welfare.
b.	If welfare payments increase, the world will be a better place.
c.	Inflation is more harmful to the aboriginal economy than unemployment.
d.	The benefits to the aboriginal economy of improved equity are greater than the costs of reduced efficiency.

15. What does a normative statement regarding aboriginal economies describe?

a.	how the aboriginal world was in the past
b.	how the aboriginal world is
c.	how the aboriginal world will be in the future
d.	how the aboriginal world ought to be