Exam 2 Study Guide - ECO 182 Principles of Microeconomics...

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ECO 182 Principles of Microeconomics Exam 2Study Guide Spring 2014 Format: 20 multiple choice (60 points), 4 problem (40 points); Chapters 4-7 Bring: pencil, basic calculator (optional)To prepare:come to class regularly and pay attention, keep up with the reading, follow up on any of the lecture slides that you do not understandgo through this study guide carefully, understanding all the terms and being ready to answer any of the questions without referring to your notes or the bookosome students make flash cards from index cardstry the Testing System on Amosweb.com: otopics: utility, perfect competition, firm, cost, productionosome of these questions are more applicable to our class than others4. Economic Theory, Markets, and GovernmentThe elements of economic theory: objectives, constraints, choicesoWhat are the objectives of consumers, firms, governments?oWhat types of constraints are there? What are examples of constraints?oHow is the law of demand an example of a choice arising from objectives and constraints?Rational choicesoWhat is rationality? How does bounded rationality differ from full rationality?o

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