Macro Learning Objectives for questions over Exam 1 Form A

 

 PCM

 ECON 2302 MICROECONOMICS   

Chapter 5

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 2 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. Understand the concept of market failure.
  2. Explain the concept of external benefits and negative externalities.
  3. Describe the economic functions of government.
  4. Distinguish the difference between public goods and private goods.
  5. Describe the free rider problem.
  6. Describe the political functions of government and how they affect the economy.
  7. Discuss the economics of Medicare.
  8. Discuss the economic issues involved in public education.
  9. Know the similarities between markets and collective decision making
  10. Know the difference between markets and collective decision making.