ECON 2306 Exam 3 2026 -WEHR
Macroeconomics Test #1 Actual
Questions And Verified Answers
Alfred Kahn - correct-answer -Father of Deregulation
Arthur Laffer - correct-answer -Economist who believed that tax cuts would
increase government revenues
Clean Air Act of 1990 - correct-answer -Provides a benefit to clean producers.
James Buchanan - correct-answer -Father of public choice theory
Comparative Advantage - correct-answer -the ability to produce a good at a lower
opportunity cost than another producer
-David Ricardo
, 2|Page
David Ricardo - correct-answer -Father of comparative advantage
Ronald Coase - correct-answer -arguing that assigning property rights to either
party would result in the internalization of externalities -Coase Theorem.
Allocative Efficiency - correct-answer -P=MC
Cost Minimization of a Single Input - correct-answer -STUDY
Least cost combination of inputs - correct-answer -MRP=MRC
-MPL
-MPK
-MRP
-MRC
-Producer Equilibrium
-Profit Maximization on the ---Input Side