EC 102 Principles of Microeconomics

Topic Sheet - New Material for the Final Exam

1. The official measure of poverty in the U.S.

2. 1992 - what was the poverty line for a non-farm family of four in the U.S.?

3. Factors that affect a person's likelihood of being poor.

4. Government anti-poverty programs.

5. Monopoly as market failure.

6. Negative externalities as a market failure.

7. Positive externalities as a market failure.

8. Public goods as a market failure.

9. Reasons for government intervention: a. market failure and b. social goals.

10. Pollution as a negative externality.

11. Optimal amount of pollution control (MB=MC).

12. Types of pollution controls.

13. Progressive, proportional, and regressive taxes.

14. Different types of taxes in the U.S. tax system.

15. Absolute advantage, comparative advantage.

16. Opportunity cost and comparative advantage.

17. The terms of trade.

18. New Field Guide: 6.6, 8.6, 8.10, 10.9.

Extra credit essay: Dollars and Sense # 36 Does Preserving the Earth Threaten Jobs?