Economics Exam Review

Economics Exam Review

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HintAnswer
An actor earns $15,000,000 per year and decides his next best alternative is appearing in TV commercials where he could earn $5,000,000. What is the Economic Rent
How do imperfect competitors compete?
The gap between present output and the output that coincides with minimal average cost
The income you could of earned if you entered the labour force immediately, in addition to the direct costs for items such as tuition fees, books and equipment
The demand for any input is derived from the demand for the goods and services that it helps produce
The change in total product resulting from the use of one addition unit of labour
A statement about what ought to be
The area under the demand curve and above the market price line
What is it called when each good produced its marginal cost of the product is equal to its price?
Skills are more valued than others, jobs are more onerous then others, varying amounts of human capital, these cause what?
When firms come to an agreement to become a single company to eliminate competition to maximize profits
A measure to the extent to which the quantity demanded of a product responds to a change in price
The maximum price at which goods and services may be exchanged
Is a Flu Vaccine a benefit or a cost to consumers in terms of Externalities?
A graph showing the extent of inequality of income distribution
The Loss of Surplus
A Tax that takes a constant percentage of income at all levels of income
The total product divided by the number of units of the variable factor used to produce it
Where on the demand curve is elasticity equal to 1?
A Curve showing which alternative combinations of commodities can just be attained if all available resources are used efficiently
HintAnswer
What is the main component of the Present Value Formula?
MPK/PK = MPL/PL (What does this calculate)
Surplus at controlled price - Below or Above Equilibrium
The difference between the maximum amount the consumer is prepared to pay compared to how much they do pay
The relationship between quantity supplied and price
Shortage at the controller price - Below or Above Equilibrium
Occurs whenever actions taken by firms or consumers directly impose costs or confer benefits on others
The distribution of income among induviduals without regard to source of income
The more something is consumed the less demand their is for it
When the market price is less then the minimum average variable cost
Take a larger percentage of income from low-income people than it does from high-income people
If your neighbor is irritating and/or loud, does it benefit you or does is provide a cost in terms of Externalities?
The distribution of national income among major factors of production; Labour, Capital, and Land
A competitive curve for a factor given by that factor's MRP Curve
The most someone would be prepared to pay today to get that amount in the future
Taxes should be payed in proportion to the benefits that taxpayers derive from public expenditure
An industry characterized by economies of scale sufficiently large that only one firm can cover its costs while producing at its minimum efficient scale
If you have $100 and the interest rate is 5%, calculate the present value
The excess of total earnings over the minimum necessary to prevent a factor from moving to another use

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