econ203 Exam 1 lec study guide spr08

econ203 Exam 1 lec study guide spr08 - 10. How is market...

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Exam 1 Study Guide Chapter 1 1. What is scarcity? Lack of resources, we don’t have much of it, etc 2. What is macroeconomics, and what is microeconomics? 3. What are the assumptions of the possibilities curve Chapter 2 4. pg 32 -- specialization 5. what is normal and inferior goods 6. question about production poss curve 7. question about production poss curve Chapter 3-- three to four questions from pg 58 and 59 8. what is the law of demand and what are its determinants? 9. what is the law of supply and what are its determinants?
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Unformatted text preview: 10. How is market price determined? 11. What is price ceiling, rent control, and price floor? Chapter 4 12. what are the legal forms of business? 13. what are the advantages and disadvantages of corporations? 14. what are externalities? What is positive externalities? Chapter 5 15. what is foreign exchange? What is foreign exchange market? 16. what is appreciation and depreciation and what is their impact on import and export? 17. question about international agreement, gaat, wto, nafta?...
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