Second Micro Test Flash Cards
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Excise Tax | show 🗑
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| show | Who really pays the burden of a tax (more inelastic=higher burden)
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| Proportional tax | show 🗑
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| show | larger percentage of income paid by lower income earners
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| Autarky | show 🗑
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| Factor endowments | show 🗑
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| show | measure of which factor is used in greatest proportion in the production of a good
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| hecksher-ohlin theorem (difference in factor endownment) | show 🗑
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| show | differences in climate, differences in technology, differences in factor endowments
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| Tariff | show 🗑
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| Consumer surplus, producer surplus | show 🗑
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| show | net gain to economy tariffs increase producer surplus, decrease consumer surplus, increase government revenue and result in deadweight loss
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| explicit costs | show 🗑
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| implicit costs | show 🗑
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| show | revenue-explicit-depreication
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| Economic Profit | show 🗑
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| Marginal Cost | show 🗑
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| show | additional benefit derived from producing one more unit of that good or service
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| Behavioral Economics | show 🗑
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| Common mistakes in decision making | show 🗑
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| show | measure of satisfaction the consumer derives from consumption of bundle of goods and services
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| show | each successive unit of good or service consumed adds less to total utility than did the previous
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| Budget Line | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
sshaw1
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