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Economics Exam Review

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

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Created Nov 23, 2016ReportNominate
Tags:economics, Exam, Review

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