Sam Beals Econ December 12, 2010 Exam #3 Part I Tariffs A tax imposed by a government on imported goods. Tariffs are used by governments in the idea of protectionism. Tariffs increase the price of imported goods which makes foreign goods less competitive
ECO/251 Fall 2010 Exam #3 General Instructions: Please write your answers on separate sheets of paper. If you write by hand, please write on only one side of the paper. Please write legibly as I can only grade what I can read. Feel free to come up and ask
ECONOMICS 251 TEST NO. 4 CHAPTER 9, 10, 11 & 12 STUDY GUIDE TERMS Aggregate Demand: Aggregate Supply: Macro equilibrium: Aggregate Spending: Derived Demand:
The demand for labor and the other factors of production depends on the demand for final good
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Buyers and Sellers Come Together in Markets
In the previous chapter, you learned of supply and demand analysis. In describing
the workings of supply and demand, we used a sty
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Production and Factor Markets: Land, Capital, Project Funding,
Innovation, and Economic Growth
In the last chapter, we looked at the theory of labor markets
Expressionism Theory Defined.
Expressionism is the theory that art is a
mode of human expression.
Thus emotion plays an important part.
Art is measured on how well it conveys
emotion and mood.
Like realism, it is one of the o
Art Defined: An object made by humans to
express or decorate.
Covers a vast area of definition including
The definition is not dependent on quality.
Art can be effective or not, goo
Formalism is the theory that art is best
understood and evaluated as the use of
The Enlightenment philosopher Kant
claimed that art can stand on its own rather
than conform to realism or expressionism
Kitsch is a recent term used to describe the
considered bad art of popular culture.
The art theorist Clement Greenberg calls
Kitsch a rear-guard on the opposite end of
Avant guard is a term describing
experimental and rad
Liberal Race Theory
o Emphasizes total equality
o Regards color blind as a virtue.
Critical Race Theory
o Deeper questions regarding
o color conscious
o Connection to Frankfurt School and
Horror often makes use of the Uncanny.
Freuds definition of the Uncanny was a
mixture of the horrific and the familiar.
Monsters are often viewed as uncanny
because they are often are modeled on
familiar things like bugs.
Contextualism is the theory that uses art to
reflect social elements.
It is a contrast to Formalism because it does
not value the objective qualities of line and
The theory is traced back to the German
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Why Do Some People Make More Money Than Others?
Is Poverty Inevitable?
Some people are fabulously rich and spend money extravagantly. Other people are
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Most Economic Issues Involve Supply and Demand in Some Way
Supply and demand form the foundation of economics. You will use these concepts
throughout the remainder of the semest
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The Labor Market
From Products to Inputs
With this chapter, we turn our attention from product markets to input markets. Behind
the production of goods and services lie workers, machinery, and pl
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Production and Cost Are Behind Decisions About Supply
Having looked in the last chapter at what lies behind demand curves by examining
how consumers make choices, in this chap
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If Competition Serves the Public Interest, Why Do Firms
Want to Be Monopolies?
Monopoly is the other extreme on the market structure spectrum, opposite from
the competitive market ideal
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Elasticity Is an Important Summary Measure of Demand and Supply
Elasticity is an important extension of supply and demand concepts. In the previous chapters, we saw that when price cha
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Competition, Monopoly: Now What Is in the Middle?
We have already analyzed competition and monopoly, which are market structure
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The Perfectly Competitive Market Model Is a Cornerstone of
If the concept of supply and demand is the foundation of economics, the analysis
of market structure
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The Important Logic of Consumer Choice
Supply and demand analysis is based on the premise that consumers and producers
make rational decisions about what they want and
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Market Failure, Public Policy, and Using Economic Analysis to
Understand Environmental Problems
Even perfectly competitive markets can fail to provide the socially
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Economics Is a Rich Discipline of Wide Scope
In this first chapter, you are given a general introduction to economics. You will see
the scope of economics as a way of thinking
Classical Horror gets much of its
iconography and style from German
The first feature-length vampire film was
Murnau was a German Expressionist much
like his fellow filmmakers.
The Four Problems of Economic Life
Daniel Rush Finn
Any attempt to simplify the complexities of life to improve our understanding entails the imposition of a
structure. Thus, the schema of four problems of economic life to be pre
Sam Beals Economy Exam #1 September 27, 2010 Part I Opportunity cost: Something you are unable to get from a resource once you have used that resource to get something else. Because of scarcity we have limited resources, and when we use those resources to