Review_for_midterm_I - • Absolute advantage Chapter 3 • Supply and demand model • Laws of demand and supply • Movement along the curve vs

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

View Full Document Right Arrow Icon
Econ 01 Midterm I Review Outline The midterm will consist of 20 multiple choice questions worth 3 points each. It will contain 5 short answer/problem type questions modeled largely on the questions that you have been doing for homework. The following outline highlights the most important concepts in each chapter. You need to bring a scantron, ParSCORE form number f-1712 which is available for purchase at the bookstore. Chapter 1 Opportunity costs Gains from trade Specialization Equilibrium Efficiency vs. efficiency Chapter 2 Production possibility frontier Comparative advantage
Background image of page 1

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

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

Unformatted text preview: • Absolute advantage Chapter 3 • Supply and demand model • Laws of demand and supply • Movement along the curve vs. shift in the curve • Substitutes and complements • Normal and inferior goods • Surplus • Shortage Chapter 4 • Consumer and producer surplus • Efficiency Chapter 5 • Price ceiling • Price floor • Quotas • Quota rent • Deadweight loss Chapter 6 • Price elasticity of demand and supply • Inelastic and elastic • Relationship to total revenue • Cross price elasticity • Income elasticity of demand...
View Full Document

This note was uploaded on 10/24/2009 for the course CHEMISTRY CHEM taught by Professor Eastman during the Winter '07 term at East Central College.

Page1 / 2

Review_for_midterm_I - • Absolute advantage Chapter 3 • Supply and demand model • Laws of demand and supply • Movement along the curve vs

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