Briefly summarize Jean-Baptiste Say's views on economics.
supported the laissez faire approach and believed that ‘supply creates its own demand’
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15
Provide an example of a normative and a positive statement in Economics.
Positive: raising income taxes decreases consumption, normative: the government should raise income taxes to increase its budget.
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20
Using a PPC, draw out a scenario of "actual growth"
Must be fully labeled; PPC does NOT shift outward.
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20
Using a PPC, illustrate a scenario in which there is a constant opportunity cost between two goods (use actual goods)
E.g. farming goods, same colored pens
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20
What is Pareto efficiency? How is it illustrated on the PPC?
A firm / economy that is operating on the curve is Pareto efficient - one cannot be better off without making another worse off.
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15
Provide an example to illustrate how a good can be both considered a free and economic good under different circumstances.
E.g. seawater vs. water in a desert
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15
Explain why the concept of scarcity is linked to the concept of sustainability.
Threats to sustainability arises due to scarce resources; if we used up scarce resources in the present day, future generations are unable to meet their needs.
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15
Explain the argument that the private sector is more efficient than the public sector in providing goods and services in an economy.
profit oriented = maximize profits & minimize costs + competition adds to more efficient allocation of resources
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15
Explain why economics is considered a "social science".
Scientific methodology to build knowledge (scientific) + deals with human behavior (social)
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20
Due to COVID-19, the HK government issued consumption vouchers to the general public. Relate this decision back to THREE WiSE ChOICES concepts.
Intervention (e.g. intervene to stabilize economy), choice (helping the economy heres means giving up the choice to spend elsewhere), equity
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15
What is the Marxist view on the value of goods? What is one potential criticism?
Labor theory of value; but value of good also affected by utility!
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20
What are the three basic economic questions? Briefly elaborate.
What to produce, how to produce, for whom to produce.
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15
Why are there opportunity costs?
They arise due to the need to make choices as there are scarce resources.
