MidtermExam1ReviewNotes

MidtermExam1ReviewNotes - Midterm Exam 1 Review Notes Econ...

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Midterm Exam 1 Review Notes Econ 304, Fall 2007 Review homeworks and quizzes. The answers to the quizzes and homeworks are on ANGEL. The difficulty of the problems on the exam is (in my opinion) on par with the difficulty of the problems on the homeworks. Some of the multiple choice questions on the exam (again, in my opinion), require more logical steps than the ones on the quizzes. There are no questions about the Macro Game that you played in recitation. There will be 21 multiple choice questions, which will be scored out of 20. So, you have one freebie. This section is worth 40% of your grade. Essays/Problems will be worth 60% of your grade. Chapter 1: Read over chapter 1 and your class notes from chapter 1. There are not any problems from chapter 1, but there is lots of good multiple choice material here. Chapter 2: You need to know the three different approaches to measuring GDP and why they come up with the same number. Be sure to know what is included in GDP and what is not, as well as the other GDP-related definitions in the chapter (for example, GNP and National Income). I may give you an economy and ask you to calculate the GDP for that fictitious example, but I will NOT ask you to calculate the contribution to GDP of different transactions (like HW1, question 6 or Quiz 1, question 3). You need to know about savings and wealth as well as the uses of saving identity. You need to know about real GDP, price indexes, and inflation. Make sure that you know how to calculate a percentage change.
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MidtermExam1ReviewNotes - Midterm Exam 1 Review Notes Econ...

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