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Critical Thinking: Consider a class of 25 Microeconomics students, some of whom are confused about a concept after a professor explains it. A student who reveals his confusion by asking a question loses 10 utils. However, when the professor clarifies the concept, each confused student benefits 2 utils.

At what level of confusion (number of confused students) is a question from a confused student socially efficient?

Without participation incentives, will a confused student ask a question when it would be socially efficient? How will they know it is socially efficient?

How would you design an incentive system to generate questions from confused students?

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Raushan Raj
Raushan RajLv8
28 Sep 2019

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Related questions

Episode 3: Justice for the Poor - Youtube

Discussion Question to Students: In the video Stephen Grabill noted, "God affirms private property. He gives us boundary markers, mile markers, stones that mark one person's property from another person's property." Think about this: You cannot be generous with somebody else's stuff. You can only be generous with your stuff, which means its has to be your own property that you give away." Why would God care about private property? Is his concern connected to the role he has given us as stewards of creation?

Academic Honesty

Students must attest that all material must be of their own authorship, and when quoting another source or referring to another person’s work, a reference should be made in the appropriate manner.

Discussion Forums

Students are required to participate in the all discussion forums. Participation requires, at a minimum, an original response to the discussion question as well as one or more replies to the postings of other students. Discussion forums represent the facilitation of concept discussion during a regular classroom session. It provides the opportunity for students to interact with each other regarding a concept. The typical process of a threaded discussion is as follows:

The instructor will provide a PovertyCure episode discussion question.

Students will respond to the instructor’s post by submitting a response (at least 100 words) that answers the question or describes the concept of their choosing. As you create your response, be sure to reference information from the PovertyCure episode viewed for this discussion forum. The initial post of each student should conclude with a critical thinking question that will spur further discussion by other students.

Student responses to other students should begin by naming the individual to whose post you are responding, along with one sentence that summarizes his/her point. This way, a person reading your post will understand to whom you are responding. Students must respond to at least one (1) other student. Responds should be at least 50 words in length.

Other students will read the initial post and the follow-up posts and then respond to the question embedded in the student's response with critical thinking and another leading question. As students respond to each other, the thread of discussion builds throughout the week.

Students should submit their initial post within 48 hours of watching the PovertyCure episode in class. Responses to the initial posts by other students should happen within one work (168 hours) of the initial post deadline.

The faculty member will step in from time to time to support, clarify, or further facilitate the discussion.

Episode 4: Circles of Exchange - on Youtube

The typical process of a threaded discussion is as follows:

The instructor will provide a PovertyCure episode discussion question.

Students will respond to the instructor’s post by submitting a response (at least 100 words) that answers the question or describes the concept of their choosing. As you create your response, be sure to reference information from the PovertyCure episode viewed for this discussion forum. The initial post of each student should conclude with a critical thinking question that will spur further discussion by other students.

Student responses to other students should begin by naming the individual to whose post you are responding, along with one sentence that summarizes his/her point. This way, a person reading your post will understand to whom you are responding. Students must respond to at least one (1) other student. Responds should be at least 50 words in length.

Other students will read the initial post and the follow-up posts and then respond to the question embedded in the student's response with critical thinking and another leading question. As students respond to each other, the thread of discussion builds throughout the week.

Students should submit their initial post within 48 hours of watching the PovertyCure episode in class. Responses to the initial posts by other students should happen within one work (168 hours) of the initial post deadline.

The faculty member will step in from time to time to support, clarify, or further facilitate the discussion.

Episode 4: Circles of Exchange

Discussion Question to Students: Doug Seebeck of Partners Worldwide asked in the episode, "In this rapidly integrating world, how do I best love my neighbor so that everybody has the ability to have what I have?" He then answers his own question by saying: "It does not mean by giving it away. It means by allowing them to succeed."

What does he suggest is something we could do to give the poor more freedom to succeed? Do you agree with Seebeck's argument?

QUESTION 1

Assume there are two basic goods produced in a nation, consumer goods and capital goods. The production possibilities graph for these two goods is bowed out from the origin. This reason for this shape of the graph is because of:

A.

the other-things-equal assumption.
B.

the law of increasing opportunity costs.
C.

diminishing marginal utility.
D.

present choices and future possibilities.

1 points

QUESTION 2

From an economic perspective, when a student decides to attend another year of college, the student has concluded that the:

A.

marginal costs of attending college are reduced by the availability of grants and subsidies.
B.

marginal benefits of attending college have increased because the future is brighter.
C.

marginal benefits of attending college are greater than the marginal costs.
D.

marginal costs of attending college have decreased to make college affordable.

1 points

QUESTION 3

A person observes that as consumer prices fall, economic growth increases. The person concludes that fall consumer prices leads to economic growth. This conclusion would be an example of:

A.

confusing correlation with causation.
B.

the fallacy of composition.
C.

trade-offs among economic goals.
D.

the other-things-equal assumption.

1 points

QUESTION 4

The problem of unlimited wants and limited income is known as

A.

the scientific method.
B.

unequal wealth distribution.
C.

normative economics.
D.

the economizing problem.

1 points

QUESTION 5

A point outside the production possibilities curve is:

A.

unattainable without economic growth.
B.

attainable and the economy is efficient.
C.

unattainable without inflation.
D.

attainable, but the economy is inefficient.

1 points

QUESTION 6

Which one of the following would be an example of loaded terminology?

A.

market forces
B.

tentative hypothesis
C.

entrepreneurial functions
D.

creeping socialism

1 points

QUESTION 7

Suppose there are two economies, Alpha and Beta, both of which have the same production possibilities curves. If Beta devotes more resources to produce investment goods than consumer goods as compared to Alpha, then in the future:

A.

Alpha will not be able to achieve full employment.
B.

Beta will not be able to achieve full employment.
C.

Alpha will experience greater economic growth than Beta.
D.

Beta will experience greater economic growth than Alpha.

1 points

QUESTION 8

Macroeconomics, as opposed to microeconomics, is concerned with

A.

individual businesses.
B.

new computer technology.
C.

the stock market.
D.

the economy as a whole.

1 points

QUESTION 9

Which one of the following is an example of a positive economic statement?

A.

The size of the Federal government should be reduced.
B.

Midwest states affected by drought should be given more federal disaster aid.
C.

Education and income are highly correlated.
D.

The minimum wage for workers should be raised to help low-income workers.

1 points

QUESTION 10

Economics is primarily concerned with

A.

interactions between the government and market participants.
B.

how scarce resources are used.
C.

the production and distribution of capital goods.
D.

how income is divided among individuals.

1 points

QUESTION 11

The production possibilities table below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy.

A B C D E

Guns 0 4 7 9 10

Butter 4 3 2 1 0

If the economy is producing at alternative C, what is the opportunity cost of producing another unit of butter?

A.

3 units of guns.
B.

1 units of guns.
C.

2 units of guns.
D.

4 units of guns.

1 points

QUESTION 12

Assume that a consumer can buy only two goods X and Y, and has an income of $120. The price of X is $10 and the price of Y is $20. If the consumer spends all of her money on X and Y, which of the following would be a possible combination:

A.

4X and 2Y
B.

5X and 3Y
C.

6X and 3Y
D.

8X and 1Y

1 points

QUESTION 13

In the production possibilities model of an economy, when there is full employment of resources

a nation will be operating at an interior point within its production possibilities curve.

a nation will be operating on the production possibilities curve.

the production possibilities curve will shift outward to the right.

the production possibilies curve will shift inward to the left.

1 points

QUESTION 14

In economics the concept that there is "no free lunch" means

A.

scarce resources were used to produce these "free" goods so there is an opportunity cost to producing them.
B.

consumers are irrational when they ask for a free lunch unless they can make the case that the free lunch benefits business.
C.

the marginal cost of the "lunch" is greater than the marginal benefit.
D.

businesses could not make a profit if they gave away free goods to consumers.

1 points

QUESTION 15

Assume that a consumer can only purchase two goods with her income. A straight-line budget constraint indicates that the opportunity cost of obtaining an additional unit of one good is:

A.

negative.
B.

constant.
C.

increasing.
D.

decreasing.

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