FALL/SPRING/SUMMER
PCM
ECON 2302 MICROECONOMICS
Chapter 14
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.
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After reading this chapter, you should be able to:
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Explain the sources of market failure.
Pages 220-221.
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Give examples of public and private goods. Pages 220-222.
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(Same as #12 above.)
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Explain how government policy can create price incentives to solve traffic
congestion and water supply shortages, and how these price incentives can solve
the specificity problem. Pages 223-225, 226-227.
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Explain what role cost-benefit analysis has in designing efficient
government solutions to market failure. Pages 225-226.
Pages 207-209.
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(Same as #15 above.)
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Discuss the problems imperfect information creates for market effeciency.
Pages 227-229.
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Describe the role of imperfect information in the context of workplace safety
and how the government might efficiently resolve this problem. Pages 229-230.
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Describe the role of imperfect information in the context of crime and punishment
and how the government might efficiently resolve this problem. Pages 229-230.
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Identify the major issues in healthcare and alternative ways of addressing them.
Pages 231-233.
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