Econ 201 exam Study guides, Class notes & Summaries

ECON 201 EXAM #1 TERMS!!

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Econ 201 Exam 3 Quizlet Exam Questions And Answers consumers - ANS also called economic agents or ROIs; they are assumed to be self interested and rational decision makers rational - ANS in an economic sense, this means that economic agents will only do things that will not make them worse off based on their own beliefs; ie, we only do things that we believe will make us better off No! If something is rational to one person, it may or may not be to another person. It also doesn't ...

Econ 201 Exam 3 Questions And Answers Once it becomes obvious that a public good is being underprovided, - ANS the marginal benefit of further production to an individual fails to outweigh the individual's marginal cost. Conditions under which externalities can be solved in a decentralized manner. - ANS The Coase Theorem 3. The market failure of moral hazard may occur when one party - ANS -Has symmetric information about the other party's ACTION 4. The libertarian positio...

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Can governments control who ends up bearing the burden of a tax buy imposing the tax wholly on buyers and sellers? - no. Cross Price Elasticity of Demand (CPED) - (% change in Qd of good 1) / (% change in P of good 2) Different elasticities. - Elasticities of Supply - Price elasticity of supply Elasticities of Demand - price elasticity of demand, cross -price elasticity of demand. Effects of tax on Sellers and Buyers. What happens to the equilibrium price and quantities? What happens to c...

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ECON 201 EXAM 2

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Econ 201 Exam 1 Questions with Correct Answers.