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Exam 1 Study Guide - ECO 120 Preliminary Exam I STUDY GUIDE...

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1 ECO 120 Preliminary Exam I --- STUDY GUIDE ** Date of Exam*** Friday February 8, 2008 How will this study guide help me? The study guide poses questions – and also presents answers. Test yourself – you should be able to answer the questions posed and know the facts presented. Samples of exam questions are included at the end of this guide. Give them a try, and see how you do. I will post the answers, but I really encourage folks to come to the economics lab for help too. What will the exam be like? What will it cover? The exam will be multiple choice and true/false. Question format, and difficulty, will be very similar to our homework. The exam will cover chapters 1, 2, and 3. What other resources can I use to prepare? Go to the book’s online resources (see the weblinks on WebCT). You can test yourself and see answers. If you have the Study Guide that comes with the book –use it! Have I mentioned the economics lab yet? First Principles & Graphing Review (Week 1 - 1/14-1/18) - Chapter 1 1. Three parts of the Economic Problem a. Objective b. Alternatives c. Constraints 2. Key players in the Economy a. Consumers/Individuals b. Government c. Firms 3. Key Point : Economics is about allocating resources under conditions of scarcity! 4. Normative vs. Positive Economics a. Normative – judgment about what SHOULD be b. Positive – describing economy, what IS occurring 5. Graphing [see Key Graph #1] a. Independent vs. Dependant variables a) Independent – comes 1 st
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