Econ 2: Spring 2014: UC Berkeley: Econ 2: Sample Final Exam II: A. Identifications
A. Identifications (20 minutes—if you are not through after 20 minutes, skip to the next question): Briefly, in one or two sentences, explain the terms set out and how they have been used in the course:
- “Utility”
- “Social Welfare” or “Societal Well-Being”
- Market Failure
- Quotas
- Willingness-to-Pay
- Non-Rivalry and Non-Excludability
- “Say’s Law”
- Output Gap
