Final Exam Study Guide

Final Exam Study Guide - Final Exam Study Guide 25...

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Final Exam Study Guide 25 questions 3 questions from Ch. 13, 12 from Ch. 16, 10 from Ch. 18 Very similar to the practice exam! Ch 13 pages (270-273) Relationship of growth between real earning per worker and output per worker- over the long run, what happens to increases to real earnings? What causes increase in labor productivity? Be able to calculate changes in real wage if given change in normal wage and change in price level Ch 16 What are the main characteristics of a public good? - look in the book at examples Be able to identify an example of a public good- (things that the public consume) Why doesn’t the market system produce public goods? What is the relationship between MB and MC at optimal provision of a public good? They should be equal Be able to calculate willingness to pay and optimal quantity of a public good if given a table of data reflecting citizens in society What does cost-benefit analysis attempt to do?
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This note was uploaded on 02/14/2011 for the course ECO 2023 taught by Professor Jones during the Fall '10 term at University of South Florida.

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Final Exam Study Guide - Final Exam Study Guide 25...

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