Mini_Exam_1_Review_Notes

Mini_Exam_1_Review_Notes - Mini Exam 1 Review Notes Econ...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Mini Exam 1 Review Notes Econ 304, Spring 2008 Review homeworks and reading assignment quizzes. 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. Chapter 1: Read over chapter 1 and your class notes from chapter 1. 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). 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. Chapter 3: Expect several questions from chapter three. You need to know about: Production functions, factors of production, profit maximizing level of employment using both nominal and real wage, changes in production functions, labor supply, substitution effect and income effect, changes in labor demand and labor supply, full employment levels of employment and output, unemployment and natural unemployment. If we do not get to a topic during class on Wednesday, then it will not be on the exam. Questions for Recitation practice:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

Mini_Exam_1_Review_Notes - Mini Exam 1 Review Notes Econ...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online