FALL/SPRING/SUMMER
PCM
ECON 2302 MICROECONOMICS
Chapter 16
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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Discuss Public Choice and Government Failure.
Pages 250-251.
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Explain the problem of cycling in a democracy. Pages 250-251.
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Explain what is meant by fiscal federalism. Pages 251-252.
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Describe the problem voters face with bundled goods and the principal-agent problem.
Page 252.
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Explain the median voter model. Pages 252-253.
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Explain the role of rational ignorance in elections. Pages 253-254.
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Discuss logrolling, pork barrel projects, and fiscal illusion in the context
of politicians efforts to stay in office.
Pages 254-255.
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Discuss unfunded mandates, and special interest groups in the context
of politicians efforts to stay in office; also discuss the importance of the
line-item veto.
Pages 255-256.
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Explain the incentives of those who direct and work in government agencies.
Page 256.
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Discuss the problem of turf building within government agencies. Pages 256-258.
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