Economics Midterm Exam

Economics Midterm Exam - Economics Midterm Exam 10/19 8...

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Economics Midterm Exam 10/19 8 multiple choice – 16 points 4 True/False Explain- 16 points 3 Essay questions- 18 points Chapter 3 (68-72) Essay- Essay questions are going to have 4-5 points per essay Chapter 4 (last 3-4 pages don’t worry) Quick Review Ch 4 intra industry fade while measuring economies of scale, product differentiation and technology theories-- imitators trying to catch up with innovators… first trade exploits technology gab and then closes gap… Batch Production to mass production when that product becomes a mass-produced product When you come into mass production you get into management and people that can run a large company and so on… Chapter 5 Tariffs Trade policy’s and barriers so that you can keep domestic jobs and so on The oldest type of trade barrier is tariffs…. Tax on imported goods In some countries you also have export tariffs.. preindustrial and have a couple of products there really really good at Ad volorum percentage of the total product
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