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TEST YOUR LEARNING

At the beginning of the course you took a sixteen question survey designed to test your understanding of basic principles of economics and policy. I invite you to take the survey again so that you can test the impact that all of your hard work has made on your ability to understand these issues. Consider this exercise a celebration of your learning! Help ---Q1. Can taxes on soda (e.g., Coke, Sprite, ) increase the well-being of consumer? Yes No It depends Don't know.

Q2. In the United States, the government collects a fraction of each worker's earnings in the form of social security taxes. Those taxes are used mainly to finance the benefits of retirees. Does it matter fo the worker's well-being if these taxes are paid by the employer or by himself? Yes No It depends Don't know.

Q3. Suppose that the profits of a firm are likely to be negative in the short-term. Doest it mean that the optimal decision for management is to shut it down? Yes No It depends Don't know.

Q4. Is the optimal gasoline tax larger than $1 p/gallon? Yes No It depends Don't know.

Q5. Is the optimal income tax for the highest earners larger than 80%? Yes No It depends Don't know.

Q6. Some industries, like airlines, engage in a practice called price discrimination, in which different consumers are charged a different price for what seems to be the same good. Is this practice always detrimental for consumers? Yes No It depends Don't know.

Q7. Are increases in the minimum wage always beneficial for workers? Yes No It depends Don't know.

Q8. Are tradable pollution permits an efficient way of reducing pollution? Yes No It depends Don't know.

Q9. Does marketing increases consumers' well-being? Yes No It depends Don't know.

Q10. Do rent control laws help the poor? Yes No It depends Don't know.

Q11. Are free markets an effective way of deciding what to produce, how to produce it, and for whom to produce it? Yes No It depends

Don't know.

Q12. Would legalizing drug consumption improve the well-being of addicts? Yes No It depends Don't know.

Q13. Are firm mergers, which lower the number of companies selling in a market, necessarily bad for consumers? Yes No It depends Don't know.

Q14. Is the number of different breakfast cereal brands in the market socially optimal? Yes No It depends Don't know.

Q15. Do prices always decrease with the number of firms competing in the market? Yes No It depends Don't know.

Q16. Is the cost of a tax borne only by the consumers or firms that have to pay it to the government? Yes No It depends Don't know.

Q17. In the absence of government intervention, is the market able to generate the socially optimal level of R&&D? Yes No It depends Don't know.

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