Spring 2013 – Exam #2 STUDY GUIDE
(Please keep your completed study guide to study for the Final Exam)
1| Price Ceiling|
2| Sherman Act|
4| Clayton Act|
7| Federal Trade Commission Act|
9| Price Searcher|
13| Price Floor|
15| Rent Seeking|
16| Support Price|
18| Residual Claimant|
20| Target Price|
21| Price Discrimination|
22| Economies of Scale|
As we did in class and in your homework, be able to calculate economic and accounting profit.
As we did in class, be able to calculate total revenue, marginal revenue, and select a price that maximizes net revenue.
Know the eight guideposts of economic thinking (this document is under the course documents tab).
From Roberts paper, Our _______ create the potential for _______ and the ______ of wealth.
What situation does Roberts use to illustrate the importance of incentives?
What does Roberts state is the road to poverty?
The truly scarce resource in our lives:
According to Art Carden, after natural disasters, prices provide a valuable “signal flare” about what is: http://www.youtube.com/watch?v=Yr5_049654Q
Unintended consequences of rent controls include all but which ONE of the following?
Russell Roberts uses what examples of emergent phenomena:
Economics is the study of emergent phenomena when prices, monetary or non-monetary are involved – we call these phenomena:
When competitors are kept out, who loses?
Characteristics of successful cartels include all but which ONE?
Entrepreneurs participate in the market process in what ways:
What did we illustrate when Sherri dropped money around the auditorium?
OPEC stands for:
In New York City, the number of...