. ECS3704-26-S1
. Welcome Message
. Assessment 2
QUIZ
Assessment 2
Started on Wednesday, 15 April 2026, 2:37 PM
State Finished
Completed on Wednesday, 15 April 2026, 2:49 PM
Time taken 11 mins 16 secs
Grade 19.00 out of 20.00 (95%)
Question 1
Correct
Mark 2.00 out of 2.00
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Question text
According to Nozick’s entitlement theory
Select one:
a.
it is just to take land from an absentee land owner.
,b.
redistribution of wage income is justifiable.
c.
redistribution of assets would only be fair if both his first
two principles of justice have been violated.
d.
rectification of an injustice implies that if person A
acquired a farm at the expense of person B and against
the will of person B, then person A must return it to
person B.
Feedback
You are correct. See CSS, chapter 5, especially Principles
1 and 2. The preconditions for the application of
Principle 3 exist in the stipulated scenario.
You are correct. See CSS, chapter 5, especially Principles
1 and 2. The preconditions for the application of
Principle 3 exist in the stipulated scenario.
, The correct answer is: rectification of an injustice implies
that if person A acquired a farm at the expense of person
B and against the will of person B, then person A must
return it to person B.
Question 2
Correct
Mark 2.00 out of 2.00
Flag question
Question text
Which of the following statements is/are correct?
Select one or more:
a.
The altruist motive for income redistribution means that
people are prepared to redistribute income simply
because they are concerned and generous.
b.
, A point such as F’ in figure 2.4 (consumption and overall
equilibria) would lie on the grand-utility possibility curve
in figure 5.2.
c.
Community indifference curves such as W1 and W2 in
figure 5.2 can be added to determine total welfare.
Feedback
Correct. See CSS, section 5.3.
Correct. This was a really difficult one and also tested
your second-year micro-economics knowledge. The grand
utility possibility curve is derived by constructing utility
possibility curves from consumption contract curves (all
points are Pareto efficient from a consumption point of
view) such as the one illustrated in figure 2.4. At each
output level on the PPC, a different contract curve for
consumption can be obtained. By tracing out the outer
bounds of these utility possibility curves, a grand utility
possibility curve is obtained. This is also the reason why
QR in figure 5.2 is not smooth but wavy. The short-cut
method of obtaining the grand utility possibility curve is
to simply plot each top-level consumption equilibrium
point (i.e. where MRS = MRT) in a diagram. This means
that a point such as F’ in figure 2.4 would be one point
on the grand utility possibility curve. Since there are
many such points (for each distribution of income), a
locus of these points will produce the QR curve in figure
5.2.
. Welcome Message
. Assessment 2
QUIZ
Assessment 2
Started on Wednesday, 15 April 2026, 2:37 PM
State Finished
Completed on Wednesday, 15 April 2026, 2:49 PM
Time taken 11 mins 16 secs
Grade 19.00 out of 20.00 (95%)
Question 1
Correct
Mark 2.00 out of 2.00
Flag question
Question text
According to Nozick’s entitlement theory
Select one:
a.
it is just to take land from an absentee land owner.
,b.
redistribution of wage income is justifiable.
c.
redistribution of assets would only be fair if both his first
two principles of justice have been violated.
d.
rectification of an injustice implies that if person A
acquired a farm at the expense of person B and against
the will of person B, then person A must return it to
person B.
Feedback
You are correct. See CSS, chapter 5, especially Principles
1 and 2. The preconditions for the application of
Principle 3 exist in the stipulated scenario.
You are correct. See CSS, chapter 5, especially Principles
1 and 2. The preconditions for the application of
Principle 3 exist in the stipulated scenario.
, The correct answer is: rectification of an injustice implies
that if person A acquired a farm at the expense of person
B and against the will of person B, then person A must
return it to person B.
Question 2
Correct
Mark 2.00 out of 2.00
Flag question
Question text
Which of the following statements is/are correct?
Select one or more:
a.
The altruist motive for income redistribution means that
people are prepared to redistribute income simply
because they are concerned and generous.
b.
, A point such as F’ in figure 2.4 (consumption and overall
equilibria) would lie on the grand-utility possibility curve
in figure 5.2.
c.
Community indifference curves such as W1 and W2 in
figure 5.2 can be added to determine total welfare.
Feedback
Correct. See CSS, section 5.3.
Correct. This was a really difficult one and also tested
your second-year micro-economics knowledge. The grand
utility possibility curve is derived by constructing utility
possibility curves from consumption contract curves (all
points are Pareto efficient from a consumption point of
view) such as the one illustrated in figure 2.4. At each
output level on the PPC, a different contract curve for
consumption can be obtained. By tracing out the outer
bounds of these utility possibility curves, a grand utility
possibility curve is obtained. This is also the reason why
QR in figure 5.2 is not smooth but wavy. The short-cut
method of obtaining the grand utility possibility curve is
to simply plot each top-level consumption equilibrium
point (i.e. where MRS = MRT) in a diagram. This means
that a point such as F’ in figure 2.4 would be one point
on the grand utility possibility curve. Since there are
many such points (for each distribution of income), a
locus of these points will produce the QR curve in figure
5.2.
