Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 4

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. Each number in the following list refers to the question number on Exam 1 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by working through MyEconLab assignments connected to any of these objectives.

 

  After reading this chapter, you should be able to:

  1. Discuss the essential features of the price system.
  2. Evaluate the effects of changes in demand and supply on the market equilibrium price and quantity.
  3. For this objective, same as learning objective immediately above.
  4. Understand the various methods of rationing.
  5. Explain the effects of price ceilings.
  6. Discuss the economics of rent control.
  7. Explain the effects of price floors.
  8. Understand agricultural price supports.
  9. Understand the economics of minimum wage.
  10. Discuss the various types of government-imposed quantity restrictions on markets.