[ECON 367] - Midterm Exam Guide - Ultimate 28 pages long Study Guide!

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7 Feb 2017
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> a question like this is likely going to be out of 3 points. Answer step 1: define important aspects of the question to show you understand. Positive: objective facts, (cid:498)what is(cid:499) (ex. raising the price of a normal good makes the. Normative: a value judgment, (cid:498)what ought to be(cid:499) (cid:523)ex. (cid:494)women should be paid the same salary as men for the same job(cid:495)(cid:524) * keep an eye out for the word should. Sample exam question: (cid:498)an economist is a man who knows the price of everything but the value of nothing. Do you agree? (cid:499) the material = (cid:498)value is something subjective/normative, price is something objective, the point at which a market transaction occurs(cid:499) Allocative = everything is distributed in such a way that you can(cid:495)t make. Intro to efficiency vs equity: efficiency: economists > objective > positive someone better off without making someone else worse off.

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