Final Exam Review - General Information about the Final...

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General Information about the Final Examination - Econ 101 DE ( Lau) 1. General Comments We have covered a lot of materials in this course. In the final examination, we do not expect students to know EVERYTHING that we have discussed throughout the term. To help ensure that you have covered materials that we DO expect you to know, I have prepared the following course review. If you find that you need someone else to assure you of the correct answer, then it is a sign that you need to go back to study those basic concepts further. It is not my intention to provide a model solution and have you memorize the solution. This review is merely a signal to help you identify some of your strengths or weaknesses that you may wish to work on. It is also designed to help reduces exam anxiety and unwarranted exam stress. 2. The Format and the Coverage of the Final Examination You have two hours to complete less than 70 multiple choice questions in the final exam. Approximately 15 % of the test will be on Oligopoly, another 25% on Monopoly and Monopolistic Competition. 15% on Perfect Competition. 5% on budget-indifference analysis. 18% on demand and supply shifts, market diagram (equilibrium, shortage & surplus), elasticities. 10% on basics (opportunity cost, comparative advantage, scarcity, normative & positive economics). There will be quite a few diagrams / tables given, and you are asked to derive information (i.e., identify the profit maximization price, output , total cost, total variable cost, shut down point etc.). There are some simple calculation (elasticities, profits, costs, consumer surplus etc). The exam covers the whole course. You will need to use your own discretion plus the following guide to help you decide which chapters, or pages, or areas that you want to focus on. I hope the following review will be of some help. 3. The Review - Area of emphasis: Please note that the examination questions do not necessarily start with Unit 1. Your first few questions may be taken anywhere; from Perfect Competition or from the Monopoly units . Likewise, the last few questions may cover Elasticities or Consumer Surplus or taken from the beginning of the course! Be prepared. Unit l - Introduction - What is Economics
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1. Define normative and positive economics. 2. Define opportunity cost. 3. What is a production possibility curve? 4. Explain comparative advantage and absolute advantage. Example: Adam can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour, who should specialize in what? Who has comparative advantage in what? Who has absolute advantage? Unit 2 - How Markets Work - Demand and Supply 1. The law of demand - define in words and in a demand diagram. 2.
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This note was uploaded on 04/18/2008 for the course MICROECONO AFM101 taught by Professor Trimarchi during the Spring '08 term at Waterloo.

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Final Exam Review - General Information about the Final...

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