Macro Learning Objectives for questions over Exam 1 Form A

 

FALL/SPRING/SUMMER

PCM

 ECON 2302 MICROECONOMICS   

Chapter 13

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. The numbers in the list refer to the question number on Exam 4 that will test your knowledge of that specific learning objective. You will also find a reference to the page numbers in the textbook, Microeconomics, Explore & Apply: Activebook Version 2.0 where the substance of each question is explained. A much better understanding can often be attained by working through the "active graphs" and "smart graphs" connected to many of these objectives in the online material.

 

  After reading this chapter, you should be able to:

  1. Explain the relative importance of wages and salaries, and other sources of income, to national income. Pages 202-203.
  2. Describe what the reservation wage, income effect, and substitution effect are in the context of an individual labor supply curve. Page 203.
  3. Explain how non-labor income affects an individual's labor supply curve; explain the difference between primary and secondary workers; and discuss the characteristics of the market supply curve for labor. Pages 204-205.
  4. Discuss how occupational choice and labor unions contribute to Earnings Differentials. Pages 205-207.
  5. Explain how the accumulation of human capital, luck, and acts of discrimination contribute to Earnings Differentials. Pages 207-209.
  6. Discuss poverty and welfare programs in the context of income inequality. Page 210.
  7. Describe the earnings of women and minorities in the context of income inequality. Pages 210-212.
  8. Define and describe what economists' mean by "rent." Page 212.
  9. Define interest and profit and explain their role in the economic system. Pages 212-214.
  10. Discuss the benefits of a college education in the context of life cycle earnings. Pages 214-217.