Pick your favorite piece we have studied this semester that you have not already used on this exam. Include the artist, title, and date, and include in which week and lecture each piece was discussed. 1. What art movement or culture does this art piece belong to? Define the movement and explain how your chosen piece exemplifies that art movement. 2. Explain why this piece speaks to you.

The outcome in a market where the use of a good by buyers harms non-buyers.

What happens to the price of peanut butter if the Federal government decides to limit the number of acres that can be planted in peanuts?

The members of a state legislature claim that they want to increase the quality of schooling in their state. However, they have limited the competition to public schools from private schools. The only way this makes economic sense is if ________.

The outcome in a market where a transactions tax is collected from suppliers.

Margarine is naturally white in color. A long time ago, the Utah State Legislature made it illegal for a manufacturer of margarine to dye its product yellow to resemble the color of butter. This regulation can best be understood as an effort by the legislature to ________.

Each of the statements in questions 27 through 45 describes a characteristic of suppliers, demanders, or a public policy. Please analyze what will happen in each case. Assume, unless the statement suggests otherwise, that the market is competitive and without any distortions or pathologies other than those that are specific to the statement. Also assume, unless the statement suggests otherwise, that for those statements dealing with a public policy, the policy described affects the market outcome in some way, but not necessarily in a socially optimal way. Assume, unless the statement suggests otherwise, short run. Select your answer to each question from the available options.

Suppose that in an effort to keep prices of gasoline low for consumers, a government imposes and vigorously enforces a price ceiling on the retail price of gasoline. The government allocates the gasoline with a lottery (a buyer has to present a winning lottery ticket to buy gasoline), but does not penalize in any way the resale of lottery tickets by lottery winners. Given this scenario, which of the following statements is true?

The following graph applies to questions 21 and 22. Visual Description The shown graph has quantity on the x-axis and price/cost on the y-axis. Three lines are drawn on the graph: Lines A, B, and D. Lines A and B both have positive slopes, while D has a negative slope. Line A passes through (800, $10) and (1000, $12) while line B passes through (800, $4) and (1000, $6). Line D passes through line A at (800, $10) and passes through line B at (1000, $6). At 1000 units of output, the marginal willingness to pay for the last unit is equal to ________.

The following graph applies to questions 21 and 22. Visual Description The shown graph has quantity on the x-axis and price/cost on the y-axis. Three lines are drawn on the graph: Lines A, B, and D. Lines A and B both have positive slopes, while D has a negative slope. Line A passes through (800, $10) and (1000, $12) while line B passes through (800, $4) and (1000, $6). Line D passes through line A at (800, $10) and passes through line B at (1000, $6). Suppose that A represents the marginal social cost of an activity and that B represents the marginal private cost. In the absence of government intervention, this industry would produce ________.