ECON 104 EXAM 1 REVIEW
Professor Adrienne Kearney

ECON 104 EXAM 1 REVIEW
Professor Adrienne Kearney - ECON...

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ECON 104
Professor Adrienne Kearney Fall 2013 REVIEW QUESTIONS FIRST EXAM The following are some questions for review—they are not all inclusive, your notes are your best guide for what is on the exam. (Note: You are responsible for the math appendix to Chapter 1; definition of GDP, approaches to calculating GDP, etc., Chapter 8. See syllabus.) Chapter 1 1. How is microeconomics different from macroeconomics? Macroeconomics is the study of economy as whole, including topics such as inflation, unemployment, and economic growth, but microeconomics is the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. 2. What is economics? Economics is the study of mankind in the ordinary business of life 3. What are the 3 key economic ideas about how people interact and make choices in the marketplace?
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