Differences in Earningsin the U.S. Today The typical physician earns about $200,000a year. The typical police officer earns about$50,000 a year. The typical farm worker earns about$20,000 a year

Factors of Production Factors of production are the inputs used to produce goods and services

国家开放大学：2006—2007学年第二学期“开放专科”金融专业商业银行经营管理期末试题（7月）

国家开放大学：2006—2007学年第二学期“开放专科”农村经济管理专业财政与金融期末试题（7月）

Types of Imperfectly Competitive Markets Monopolistic Competition – Many firms selling products that are similar but not identical. Oligopoly – Only a few sellers, each offering a similar or identical product to the others

“In this world nothing is certain but death and taxes.” . . . Benjamin Franklin 0 20 40 60 80 100 1789 Taxes paid in Ben Franklin’s time accounted for 5 percent of the average American’s income

国家开放大学：2006—2007学年第一学期“开放本科”金融学专业中央银行理论与实务期末试题（1月）

一、专业发展概述 三、教学工作 四、科学研究 五、教学条件 二、学术队伍 六、存在的问题

International Trade What determines whether a countryimports or exports a good? Who gains and who loses from free tradeamong countries? What are the arguments that people usedto advocate trade restrictions?

Efficiency v. Equity – Efficiency means society gets the most that it can from its scarce resources. – Equity means the benefits of those resources are distributed fairly among the members of society