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

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ECON 104
Professor Adrienne KearneyFall 2013REVIEW QUESTIONS FIRST EXAMThe 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 areresponsible for the math appendix to Chapter 1; definition of GDP,approaches to calculating GDP, etc., Chapter 8. See syllabus.)Chapter 11.How is microeconomics different from macroeconomics?
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2.What is economics?
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3.What are the 3 key economic ideas about how people interact and makechoices in the marketplace?
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4.What is the economic problem facing every society?
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1.Whatgoods and services will be produced?
2.Howwill the goods andservices be produced?
3.Whowill receive the goods and services produced?
5.Standard of Living refers tothe amount of goods and services we can buy.6.How is a centrally planned economy different from a market economy?
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What is a mixed economy?
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True or False: The U.S. economy is a Market economy.
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According to the Index of Economic Freedom(), Which country has thegreatest amount of economic freedom? Which country has the least?
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The index of economic freedom:
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