Spring 2013 – Exam #2 STUDY GUIDE
(Please keep your completed study guide to study for the Final Exam)
| Price Ceiling
| Sherman Act
| Clayton Act
| Federal Trade Commission Act
| Price Searcher
| Price Floor
| Rent Seeking
| Support Price
| Residual Claimant
| Target Price
| Price Discrimination
| 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...
Please join StudyMode to read the full document