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Ch. 10 Externalities Quick Quizzes

1. Give an example of negative externality and a positive externality. Explain why market outcomes are inefficient in the presence of externalities.
2. Give an example of a private solution to an externality. What's the Coase theorem? Why are private economic participants sometimes unable to solve the problems caused by an externality?

3. A glue factory and a steel mill emit smoke containing a chemical that is harmful if inhaled in large amounts. Describe three ways the town government might respond to this externality. What are the pros and cons of each solution?
Weekly Agenda
Mon. 3/6 - P. 2 - optional last round of socratic seminar (anyone who did not get a chance on Friday). Ch. 10 vocab, Econ in the Movies Exernalities Intro and & notes
Tues. 3/7 - Externalities practice FRQ
Block Day 3/8 - 3/9 - AP Gov FRQ 2010; Ch. 11 vocab, notes, & practice problems; Assessment make-ups and re-takes
Fri. 3/10 - AP Micro Assessment Ch. 1 - 11
Ch. 8 Quick Quizzes
1. Draw the supply and demand curve for cookies. If the government imposes a tax on cookies, show what happens to the quantity sold, the price paid by buyers, and the price paid to sellers. In your diagram, show the deadweight loss from the tax. Explain the meaning of the deadweight loss.
2. The demand for beer is more elastic than the demand for milk. Would a tax on beer or a tax on milk have larger deadweight loss? Why?
3. If the government doubles the tax on gasoline, can you be sure the revenue from the gasoline tax will rise? Can you be sure that the deadweight loss from the gasoline tax will rise? Explain.
Ch. 7 Quick Quizzes
Ch. 7 Quick Quizzes: Consumers, Producers, & the Efficiency of Markets
1. Draw a demand curve for turkey. In your diagram, show a price of turkey and the consumer surplus that results from that price. Explain in words what the consumer surplus measures.
2. Draw a supply curve for turkey in your diagram, show a price of turkey and the producer surplus that results from that price. Explain in words what this producer surplus measures.
3. Draw the supply and demand for turkey. In the equilibrium, show producer and consumer surplus. Explain why producing more turkeys would lower total surplus.
Ch. 6 Quick Quizzes
6-6 Chapter 6: Supply, Demand, and Government Policies - Quick Quizzes
1. Define price celiing and price floor and give an example of each. Which leads to a shortage? Which leads to a surplus? Why?

2. In a supply-and-demand diagram, show how a tax on car buyers of $1,000 per car affects the quantity of cars sold and the price of cars. In another diagram, show how a tax on car sellers of $1,000 per car affects the quantity of cards sold and the price of cars. In both of your diagrams, show the change in the price paid by car buyers and the change in price received by car sellers.
Chapter 3 Top Scores!
1. Breanna B, Hannah H, John P, David R
2. Noel F, Mario V, Johnna V, Ryan Z
3. Adam A, Caleb B, Aaron M, Dylan M, Jessica N, Danny O, Raul R, Tanner R, Maya S, Brian S, Joey T
Chapter 2 & Review Assessment Top Scores
Chapter 2 Assessment Top Scores!
1. Breanna B, Jessica N., Alexa S., Joey T.
2. Aaron G., Elyson L., Johnna V., Jefferson T.
3. Brian S., Noel F., Katie H., Megan L., Justin L.
No "Homework" exist(s)
Discussion Topics
 Chapter 1: Ten Principles of Economics
trade-offs, opportunity cost, efficiency, equity, marginal changes, market economy, market failure
1-1. Key Terms HW
1-2. Chapter Summary HW
1-3. What is Economics? class notes
1-4. Adam Smith
1-5. Chapter Quick Quizzes (Q & A) HW
 Chapter 2: Thinking Like an Economist
circular-flow diagram, production possibilities frontier, microeconomics, macroeconomics, positive statement, normative statement, Council of Economic Advisers
2-1. Key Terms HW
2-2. Chapter Summary HW
2-3. Factors of Production class notes
2-4. Economies & Production Possibilities Curve class notes
2-5 Circular Flow Diagram
2-6 Per Unit Opportunity Cost class notes
2-7 Shifting Production Possibilities Curve
2-8 Positive & Normative Economics
2-9 Chapter 2 Quick Quizzes (3 Q & A) HW
 Chapter 3: Interdependence & the Gains of Trade
absolute advantage, comparative advantage, specialization, gains from trade, interdependence, An Inquiry into the Nature & Causes of the Wealth of Nations (by Adam Smith, 1776), Principles of Political Economy & Taxation (by David Ricardo, 1817)
3-1 Key Terms
3-2 Chapter 2 Summary
3-3 Comparative Advantage & Absolute Advantage
3-4 Trade
3-5 Quick Quizzes
 Chapter 4: The Market Forces of Supply & Demand
law of demand, law of supply, law of supply and demand, quantity demanded, quantity supplied, normal good, inferior good
4-1 Chapter 4 Key Terms
4-2 Chapter 4 Summary
4-3 Law of Demand
4-4 Determinants (Shifters) of Demand
4-5 Supply & Determinants of Supply
4-6 Combining Supply & Demand
4-7 (sorry, out of order) Voluntary Exchange; Consumer & Producer Surplus
4-8 Chapter 4 Quick Quizzes
 Chapter 5: Elasticity & Its Application
elastic, inelastic, price elasticity of demand, price elasticity of supply, total revenue, income elasticity, cross price elasticity
5-1 Ch. 5 Key Terms
5-2 Ch. 5 Summary
5-3 Elasticity of Demand
5-4 Elasticity of Supply
5-5 Cross Price Elasticity
5-6 Income Elasticity
5-7 Ch. 5 Quick Quizzes
 Chapter 6: Supply, Demand, & Government Policies
price ceiling, price floor, binding contraint, tax incidence, tax burden, FICA
6-1 Ch. 6 Key Terms
6-2 Chapter 6 Summary
6-3 Price Controls
6-4 Taxes & Subsidies on Producers
6-5 Taxes & Subsidies on Consumers
6-6 Ch. 6 Quick Quizzes
 Chapter 7: Consumers, Producers, & the Efficiency of Markets
welfare economics, willingness to pay, cost, efficiency, equity, market power, total surplus
7-1 Ch. 7 Key Terms
7-2 Ch. 7 Summary
7-3 Ch. 7 Quick Quizzes
 Chapter 8: Application-The Costs of Taxation
size of tax, deadweight loss, price sellers receive, tax revenue, determinants of deadweight loss, Laffer Curve, supply-side economics
8-1 Ch. 8 Key Terms
8-2 Ch. 8 Summary
8-3 Deadweight Loss, Elasticities, Laffer Curve
8-4 Ch. 8 Quick Quizzes
 Chapter 9: Application-The International Trade
national security argument, infant-industry argument, unfair competition argument, protection-as-a-bargaining chip argument, NAFTA, GATT, WTO
 Chapter10: Externalities
positive externality, negative externality, spillover, social cost, social benefit, private cost, private benefit

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