Exam_1_Review_Sheet - Comparative advantage problem (like...

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Exam #1: Topics and frequency (in parenthesis) for the exam: All of the questions are drawn from our class lectures. Some of the questions may involve things we discussed in class like the movie clips and the think-pair-share exercises. CHAPTER 1: (11) Adam Smith Micro v. macro Perfection Thinking like an economist Normative v. positive economics gift giving (2) Pitfalls to avoid Game theory (being superficial) Search (for a partner) Paper Airplanes (economic modeling) CHAPTER 2: (10) Scarcity Choices What is economics? Opportunity cost: definition and examples (2) Opportunity cost problem (like the think-pair-share we did in class) Production Possibilities curve Comparative advantage: definition and examples (2)
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Unformatted text preview: Comparative advantage problem (like the hw) CHAPTER 3: (13) Barter game and the benefits of exchange Changes in quantity demanded/supplied (2) Change in demand/supply (3) Consumer and producer surplus Social welfare Scalping Surpluses and shortages The connection between demand and income Solve for the equilibrium Price and Quantity when given equations for Qd and Qs (like the hw) What happens when demand and supply BOTH change at the same time? (like the hw) CHAPTER 4: (6) Minimum wage (2) Price ceilings and floors (2) Different type of rationing mechanisms Auction mechanisms...
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This note was uploaded on 03/17/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Spring '08 term at Pennsylvania State University, University Park.

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