Stuy Guide Exam
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
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