Macro Exam 1 Review Sheet FL7.doc

Macro Exam 1 Review Sheet FL7.doc - EC 210 Macroeconomics...

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EC 210 Macroeconomics Exam 1 Review Sheet FL 17 Exam 1 Date: Friday, October 06, 2017 Format: Multiple choice only Bring a calculator; you may NOT use your cell phone or share a calculator Economic Way of Thinking (Ch 1) Economics, Economy Ten principles of economics (Power Points) Scarcity; opportunity cost; trade-off (Economizing problem) Marginal analysis: Weighing the additional costs v additional benefits of a decision (MC, MB) Rational self-interest Microeconomics and macroeconomics Positive economics v normative economics Production possibilities frontier (PPF) Four simplifying assumptions of PPF model Factors of production/inputs/resources ( land, labor, physical capital, and human cap- ital ) Technology Efficiency (productive and allocative) Efficiency v Equity Shape of PPF - what it illustrates: Law of increasing opportunity costs Economic growth (biased and unbiased)
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