Quiz 8

CSN ECON 103 PRINCIPLES OF MACROECONOMICS Instructor: Dr. Lyman TEAM QUIZ Due Sunday, 10-21-2007; 11:30 pm Pacific Time First, discuss the questions as a team. Second, determine your team response to the questions. Third, please post your team response to the following quiz questions. by clicking on Reply. Only one response per team is necessary. List all contributing team members. Initial team response is worth 20 points. Fourth, post your individual responses to the other teams’ responses using the Reply as you read their posting. Each individual must post at least one response to the initial team responses. Individual response is worth 5 points. 1. Explain the effect of switching from an income tax to a consumption tax. 2. Discuss why the Soviet Union social-political-economic system failed. 3. Discuss the economic contributions of: A. Robert Solow B. Joseph Schumpeter C. Edmund Phelps 4. Discuss economic growth from 1, 000,000 B.C. to the present. 5. Discuss the notion that “the rich get richer and...”