Exam 1 Review Sheet

Exam 1 Review Sheet - ECON 2020 Fall 2003 Review Sheet for...

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ECON 2020 Fall 2003 Review Sheet for Exam 1 1. What is economics? What is the central problem of economics? 2. What is the difference between Microeconomics and Macroeconomics? 3. What is opportunity cost? 4. What is the PPF? What are the all the things that a PPF illustrates? 5. What is the equation of a straight line? How do we find it? 6. What are the seven principles of Microeconomics? 7. What are the different possible ways to represent a given relationship? (Table, Equation, Graph). 8. Special types of straight line like parallel lines and the 45 degree line. 9. What can you say about a concave and a convex curve? 10. Does trade make people better off? 11. What is absolute advantage? What is comparative advantage? 12. How do these two differ? What are they useful for? 13. What is quantity demanded? What is demand? 14. What are the factors determining demand? 15. What causes a change in quantity demanded? What causes a change in demand? More generally Shift versus Movement along Demand curve.
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