Stuy Guide Exam

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Political Economy
Spring 2013 – Exam #2 STUDY GUIDE

Your Name:_________________________________________
(Please keep your completed study guide to study for the Final Exam)

#| Term|
1| Price Ceiling|
2| Sherman Act|
3| Middlemen|
4| Clayton Act|
5| Entrepreneur|
6| Cartel|
7| Federal Trade Commission Act|
8| Speculators|
9| Price Searcher|
10| Hedge|
11| Monopoly|
12| Competition|
13| Price Floor|
14| Tariff|
15| Rent Seeking|
16| Support Price|
17| Monopsony|
18| Residual Claimant|
19| Quota|
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...
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