Review for final exam BA 315 Fall 05

# Review for final exam BA 315 Fall 05 - BA 315 STUDY GUIDE...

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1 BA 315: STUDY GUIDE FOR FINAL EXAM Fall 05 Ali Emami A. Time for Final Exams: Your final exam is on Thursday December 8, 2005 at 10:15-12:15 in 232 Lillis-Hall. The final exam is closed book, but you are allowed to have one sheet of paper for your notes and formulas. The following questions are provided as a guide for your preparations for final exam. B. Office hours for final week: Wednesday: 8:00-4:00 C. Chapters included in final exam: Schiller book: chapters 1-7, 10, 12, 13, and 14 Thompson and Strickland: the first 3 chapters: Chapters 3, 4, 5 D: Exam Format There will be two types of questions: Multiple choice questions and problem solving questions (involving calculations). Multiple choice questions draw on all chapters you covered in this class. You will have maximum of one multiple choice question from each chapter (11 questions from Sch text and 4 questions from TS chapters, total of 15 questions each for one point). You will have one short problem solving question on each of the following subjects: Price elasticity of demand, implications for total revenue. Profit maximization under perfect competition in the short-run and long-run. Profit maximization under monopoly structure. Breakeven sales and quantity analysis. Fiscal policy analysis and impacts on competition. Calculations of rates of inflation, nominal GDP, real GDP, and rate of unemployment. Impacts of monetary policies (changing interest rates) on firms profits. Sample Questions: 1. What are significant of different points (A, B, C) in the following figure? Figure 1 - Production-possibilities curve A B C D O F I C E B U L D N G S HOUSING 2. Know how to calculate GDP from a given data set such as following: Table 1 - U.S. data

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2 Consumption expenditures on goods and services \$6,400 U.S. exports 500 Government purchases of goods and services 2,200 U.S. imports 700 Investment 1,600 3. What is the law of demand? Why demand is a downward sloping curve? What is the relationship between the slope of the demand curve and consumer’s satisfaction (i.e., the law of diminishing marginal
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Review for final exam BA 315 Fall 05 - BA 315 STUDY GUIDE...

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