Macro Learning Objectives for questions over Exam 1 Form A

 

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.

 

  After reading this chapter, you should be able to:

  1. Explain the sources of market failure. Pages 220-221.
  2. Give examples of public and private goods. Pages 220-222.
  3. (Same as #12 above.)
  4. 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.
  5. Explain what role cost-benefit analysis has in designing efficient government solutions to market failure. Pages 225-226. Pages 207-209.
  6. (Same as #15 above.)
  7. Discuss the problems imperfect information creates for market effeciency. Pages 227-229.
  8. Describe the role of imperfect information in the context of workplace safety and how the government might efficiently resolve this problem. Pages 229-230.
  9. 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.
  10. Identify the major issues in healthcare and alternative ways of addressing them. Pages 231-233.