Modules 1-10
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puntos
1.
When we look out at the world, we often only see macro level
phenomena – such as unemployment, segregation, and
inequality. Schelling’s segregation model teaches us that this
macro level phenomena need not align in an intuitive way with
what?
micro level behavior
Respuesta correcta
Schelling's model of segregation explains how you get
segregation even with tolerant preferences.
linear models
peer effects
rational behavior
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puntos
2.
True or False:
In the standing ovation models, higher variance in show
quality implies that fewer people will stand up initially.
True
False
Respuesta correcta
[See 2.5, "The Standing Ovation Model" - under
"Segregation and Peer Effects"]
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puntos
3.
Identical twins Janelle and Jamie leave their hometown in
Michigan to attend college. When they leave home, they’re the
same in every way – down to their friends and their
independent political beliefs. Janelle goes to Olivet College and
becomes a Republican. Jamie goes to Alma College and
becomes a Democrat. Which concept that we've studied thus
far best explains how this might occur?
Spatial Choice
Peer Effects
Sorting
Respuesta incorrecta
Tipping Points
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puntos
4.
You run a company that makes seat cushions for airplanes. To
fit on the plane, the cushions must be between 20 and 23
inches wide. If you adopt the Six Sigma approach to
manufacturing the cushions, what should your goal be for the
standard deviation of seat width?
Give a numerical answer using decimals to the hundredths
place. For example, your answer should look like 0.67 or 0.32
or 0.99.
0.25
Respuesta correcta
Hint: the mean of seat width should be the midpoint of
the range [20,23], which equals 21.5.
[See 3.3, “Six Sigma"]
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puntos
5.
In which of the following situations would someone be least
likely to make a rational decision?
Buying life Insurance for yourself and your spouse
Choosing where to eat after arriving in a new city
with a friend that you are trying to impress
Taking a medical school entrance exam
Choosing which job offer to accept after completing
college
Respuesta incorrecta
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puntos
6.
Dave owns a spice store. He hires a consultant to construct a
linear model that predicts the sales of a spice as a function of
its cost. The consultant's model states that sales in pounds per
week, S , equals 20 − 4P , where P = the price per pound in
dollars. Prices of the spices range from five to ten dollars.
Should Dave rely on the consultant's model?
Yes. It's a good model.
No. The model cannot be correct.
Respuesta correcta
We discussed linear models in Section 6. To review,
watch the videos under "Categorical and Linear
Models".
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puntos
7.
True or False: The possibility that there are multiple peaks in a
landscape indicates that linear regression analysis is a good
tool for making policy decisions.
False
Respuesta correcta
True
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puntos
8.
Choose one of the options below to fill in the two blanks:
A (1) _______ tip occurs when a gradual change in the value of a
variable leads to a large, i.e. discontinuous, jump in that same
variable in the future.
A (2) _______ tip occurs when a gradual change in the value of
one variable leads to a discontinuous jump in some other
variable of interest.
(1) Direct
(2) Contextual
(1) Within Class
(2) Between Class
(1) Between Class
(2) Within Class
(1) Contextual
(2) Direct
Respuesta incorrecta
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puntos
9.
True or False:
In order to attain long run equilibrium in the Basic Growth
Model, investment must be equal to depreciation.
False
True
Respuesta correcta
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puntos
10.
Imagine you live near a university with a popular basketball
team. Every basketball game, you notice that exactly 30% of
people take the bus and 70% walk. You also notice that half
the people who walk to one game take the bus to the next
game. What percentage of those who take the bus to one
game, walk to the next game?
35%
30%
50%
Respuesta incorrecta
This is impossible; it would be more than 100%
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puntos
11.
The No Free Lunch Problem leads to which of the following
conclusions? You may select more than one answer.
We should beware of savants telling us fail safe
rules.
Respuesta incorrecta
The No Free Lunch Theorem formally states: All
algorithms that search the same number of points
with the goal of reaching the maximum value of a
function defined on a finite set perform exactly the
same when averaged over all possible functions.
If we want to solve a wide range of problem types,
we should try to assemble a team with a diverse set
of heuristics, rather than a team of "experts" with
highly-specialized, uniform heuristics.
Respuesta correcta
The No Free Lunch Theorem formally states: All
algorithms that search the same number of points
with the goal of reaching the maximum value of a
function defined on a finite set perform exactly the
same when averaged over all possible functions.
Unless you know something about the problem
being solved, no algorithm or heuristic performs
better than any other.
Respuesta correcta
The No Free Lunch Theorem formally states: All
algorithms that search the same number of points
with the goal of reaching the maximum value of a
function defined on a finite set perform exactly the
same when averaged over all possible functions.
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puntos
12.
Each member of a five person team has one unique idea for
how to approach a problem. If ideas can be applied
individually and in pairs to create approaches to the problem,
how many total approaches does the team have? (Hint: think
of this as recombination). Please input your answer as a whole
number with no punctuation.
10
Respuesta incorrecta
They have a certain number of individual ideas.
They have a certain number of pairs of ideas.
Add these up.
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puntos
13.
Paul wants to decide for whom he will vote in an upcoming
municipal election. Paul is primarily concerned with one
attribute of the candidates: how liberal or conservative they
are. He makes a plot with "very liberal" on one end and "very
conservative" on the other end. He plots both candidates
along this line, and then draws a dot indicating where his ideal
candidate would fall on the line. Paul then decides for whom
to vote based the closeness of each candidate to his ideal
point along this line plot. This process is a simple use of which
concept from class?
Central Limit Theorem
Preference Aggregation
Decision Trees
Spatial Choice Model
Respuesta correcta
Try to visualize what Paul is doing - this may help you
decide which concept he's using.
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puntos
14.
What are the three classes of outcomes - other than
equilibrium - that a model can produce?
investment, depreciation, savings
behavioral, rule based, rational
periodic, chaotic, stable
complex, periodic, chaotic
Respuesta correcta
We have discussed four classes of outcomes for
models in this course in multiple sections. Some of the
wrong answers in this question contain terms relevant
to certain models, but that are not the four major
possible outcomes.
