Econ 205 final exam - Study guides, Class notes & Summaries

Economic Egalitarianism suggests that everyone should have... - -the same amount of income and wealth -Instead a doctrine of egalitarianism Frankfurt advances a doctrine of: - -Sufficiency -According to Frankfurt it is possible to compare each individual's utility for money - -False -According to Nozick equality of opportunity is problematic because it... - -Involves a conflict of rights between individuals -Creative destruction is related to... - -Economic activity when the new ind...

subsidy - -money that government gives away in a market (reverse tax) -Subsidy DWL - -(1/2)(s)(change in Q) -Subsidy incidence - -benefit of per unit subsidy -Profit - -tt=TR-TC -Fixed Cost - -Costs that do not vary with the quantity of output produced -variable costs - -costs that vary with the quantity of output produced -total cost - -TC=FC+VC -marginal cost - -MC=change in TC/ Q

If a firm can only hire union members they are considered: - -A closed shop -Union work rules designed for increase the number of workers required to perform a job even though they may not be headed, refers to: - -featherbedding -If a firm can only hire union workers or non-union workers and no one is required to join the union they are considered - -Right to work states -Negotiations between workers and management regarding labor contracts is called: - -Collective bargaining

Blackburn agrees with Butler that not all people act so as to maximize the intensity or duration of any specifc psychological state because: Question 1 options: Too many agents are irrational. Tha nos killed them all. There is too much diversity in the psychological states that agents have. Question 2 (1 point) Olson argues that no one will contribute anything to a commons. (Hint: Olson is discussed by Ostrom.) Question 2 options: True False Question 3 (1 point) Which strategy do Coakley & Kates...

Blackburn agrees with Butler that not all people act so as to maximize the intensity or duration of any specifc psychological state because: Question 1 options: Too many agents are irrational. Tha nos killed them all. There is too much diversity in the psychological states that agents have....

Econ 121 Final Exam Review ● Chapter 1 Quick Check: 1. Accounting is the information system that… 2. Which of the following is not an external user of a business’s financial system? 3. Generally Accepted Accounting Principles (GAAP) are currently formulated by the… 4. Which type of business organization is owned by only one owner? 5. Which of the following characteristics best describes a corporation? 6. Which of the following requires accounting information to be complete, ne...

ECON 205 FINAL EXAM STUDY GUIDE Exam #1 1. A resource is anything that: A) can be used in production. B) you pay for. C) is in scarce supply. D) can be consumed. 2. Scarcity in economics means: A) not having sufficient resources to produce all the goods and service we want. B) the wants of people are limited. C) there must be poor people in rich countries. D) economics are clearly not doing their jobs. 3. Opportunity cost is: A) about half of the monetary cost of a product. B) the doll...