MTRM1A_R

MTRM1A_R - Review for Econ 275 - 1st Midterm - Fall 1992...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Review for Econ 275 - 1st Midterm - Fall 1992 This is intended to supplement, not replace, a careful review of the chapters for this section of the course. Key Terms Chapter 1 public economics mixed economy market failure Invisible hand laissez faire private sector public sector normative economics Positive economics economic models Chapter 2 privatization nationalization value-added income tax social security tax constant dollars deficit real expenditures social insurance transfers in-kind transfers, in-kind benefits tax expenditures excise taxes subsidy, hidden subsidy deregulation government production government purchases income redistribution social insurance programs income tax corporate income tax Gramm-Rudman-Hollings Deficit reduction act Budget Enforcement Act of 1990 Chapter 3 1st Welfare Theorem 2nd Welfare Theorem
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
pareto efficiency, pareto-optimality utility possibilities curve decentralized market mechanism marginal rate of substitution production function marginal rate of transformation marginal cost marginal benefit returns to scale natural monopoly marginal revenue public goods externalities incomplete markets merit goods demand curve indifference curve income effect substitution effect budget constraint monopoly increasing returns-to-scale Chapter 5 Pure public goods exclusion (non-excludable) rival (non-rival) free-rider problem user charges tax price transaction costs publicly provided private goods uniform provision rationing system welfare loss transaction costs rationing system queuing Chapter 6 preference revelation median voter median voter theorem single-peaked preferences voting paradox Arrow's impossibility theorem Lindahl equilibrium
Background image of page 2
majority voting proportional taxation uniform taxation regressive taxation progressive taxation majority voting equilibrium Chapter 8 Positive externalities Negative externalities Consumption externalities Production externalities common resources property rights Coase Theorem pigouvian taxes capitalization class-action suits marginal social cost versus marginal private cost marginal social benefit versus marginal private benefit nonlinear fine schedules
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Summary To this point, the course has two major sections. The first section defines, describes and defends government intervention in modern economies; the second examines in more detail market failures that possibly justify government intervention. This review will cover briefly each section in turn. 1st Section:
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/08/2010 for the course ECON 275 taught by Professor Mcintyre during the Winter '05 term at BYU.

Page1 / 7

MTRM1A_R - Review for Econ 275 - 1st Midterm - Fall 1992...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online