Exam 1 - Chapters 1-10 Wheaton - Econ 1312 with Dr. Wheaton...

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Econ 1312 with Dr. Wheaton16 February 2015*Note: Focus on Chapters 8-10Chapter 1What isscarcity?
What isefficiency?
What isequity?
What isopportunity cost?
What isrationality?What isMarginal?
Chapter 2What is theProduction Possibility Frontier (PPF)? *graph. Also should theconsumption possibilities on a PPF graph.What arePositive Statements?
What areNormative Statements?
Chapter 3What isAbsolute Advantage?
What isComparative Advantage?
What isImports versus Exports?What are thegains from trade and specialization?
Chapter 4What istheMarket?
What is Supply (S) and Demand (D) *graph?Define the following:Law of Demand, Quantity demanded (Qd), Demand (D),shifts in Demand (Table 1)
Quanitty that consumers want to buy of a good, at a specific priceoDemand (D)All of the quantities demanded by buyers/consumers at different pricesDefine the following:Law of Supply, Quantity supplied (Qs), Supply (S),shifts inSupply (Table 2)What areSubstitutes?What areComplements?Illustrate theDefine the following:Equilibrium price (Pe), Equilibrium Quanitity (Qe), changesin equilibrium (Table 3)

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Term
Spring
Professor
wheaton

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