Chapter 20: Taxation and the Public Budget• What the major public policy goals of taxation are. • How deadweight loss and administrative costs contribute to the inefficiency of a tax. • How taxes effect business revenue. • What differences exist between proportional, progressive, and regressive taxes. • What sources of tax revenue exist in the United States. • What the public budget i...
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Chapter 19: Public Goods and Common Resources• What the difference is between rival and excludable goods and services. • What the free-rider problem is and what its consequences are. • What the tragedy of the commons is and what its consequences are. • How and when social norms, government regulation, and expansion of property rights can be used to solve problems with public goods or comm...
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Chapter 18: Externalities• How external costs and benefits affect tradeoffs. • What effects externalities have on market price, quantity, and surplus. • What private solutions to externalities exist. • How taxes, subsidies, quantity regulations, and tradable allowances can be used to counteract an externality.
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Chapter 17: International Trade• What the definition is and root causes of comparative advantage. • How to determine whether a country will become a net‐importer/exporter of a good. • How to calculate change in surplus under trade. • What the effects of tariffs and quotas are on quantity, price, and welfare. • What the effects of trade are on factor distribution of income. ...
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Chapter 16: The Factors of Production• How to define the factors of production and their contribution to output. • How to graph demand and supply curves for a factor of production. • How to find the equilibrium price and quantity for a factor of production. • What the effects of shifts in supply or demand are. • How to define human capital, and what its importance is in the labor ...
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Chapter 15: Monopolistic Competition and OligopolyWhat will you learn in this chapter? • What the features of oligopoly and monopolistic competition are. • How to calculate the short‐run and long‐run profit‐maximizing price and quantity for a monopolistically competitive firm. • What the welfare costs of monopolistic competition are. • How product differentiation motivates advertising and bran...
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Chapter 14: MonopolyWhat will you learn in this chapter? • Why monopolies exist and how they cause barriers to entry. • Why monopolists are constrained by demand. • How monopolists set price and quantity. • What social welfare losses are associated with monopolies. • What the common public policy responses to monopolies are. • Why firms have incentives to price ...
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Chapter 13: Perfect CompetitionWhat will you learn in this chapter? • What the characteristics of a perfectly competitive market are. • How to calculate average, marginal, and total revenue. • How to find a firm’s optimal quantity of output. • How to differentiate between a firm’s shut down and market exit decisions. • How to analyze a firm’s short-run supply curve for a co...
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Chapter 12: The Costs of ProductionWhat will you learn in this chapter? • How to define total revenue, total cost, and profit. • How to differentiate between: – Fixed and variable costs. – Explicit and implicit costs. • How to calculate economic and accounting profit. • How to define marginal product and show diminishing marginal product. • How to define average and marginal ...
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Chapter 11: Time and UncertaintyWhat will you learn in this chapter? • Why money is worth more now than in the future. • How compounding works over time. • How to calculate the present value of a future sum. • What the costs and benefits are of a choice using expected value. • How risk aversion makes a market for insurance possible. • What the importance is of pooling and d...
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