Test #1-Ch.1-5 - Chapter 4 1 Know the definitions and...

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Study Guide for Test 1 There are 22 multiple-choice questions: 4 from Chapter 1 8 from Chapter 2 5 from Chapter 4 4 from Chapter 5 Your percentage score will be computed as (# of correct answers/20) x 100, with a maximum allowable score of 100%. That means you can get 2 wrong answers and still get 100%. Chapter 1 1. Know the definitions and understand the meanings of the terms a. Resources- b. Scarcity c. Capital 2. Review 1A in your Coursepack Chapter 2 1. Know the definition and understand the meaning of the term Opportunity Cost 2. Understand the role of the ‘rules of the game’ in cultivating economic growth. 3. Practice the problems on 2A,#1, 2, and 5 in your Coursepack. 4. Review and practice all of the problems on 2B in your Coursepack 5. Review and understand the point of 2D in your Coursepack, and be able to show how trade enables consumption outside of the boundary of the PPF. 6. Re-do the Aplia problems for Chapter 2
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Unformatted text preview: Chapter 4 1. Know the definitions and understand the meanings of the terms: a. Increase or decrease in Demand b. Increase or decrease in Quantity Demanded c. Increase or decrease in Supply d. Increase or decrease in Quantity Supplied 2. Review and practice all the problems on 4B through 4D and 4F . 3. Re-do the Aplia problems for Chapter 4 Chapter 5 1. Study the powerpoint lecture on Ideologies (on Angel, Lessons, Week 4). Your goal is to understand the different views of a how a market economy functions championed by: a. Adam Smith b. Karl Marx c. John Maynard Keynes 2. Practice 5B in your courespack. 3. Be able to distinguish a stock variable from a flow variable. 4. What are the goals of macroeconomics? 5. What was Herbert Hoover’s error, according to the text (pg. 100?) 6. Study 5C and 5D and do the practice problems on 5E. 7. Practice the Aplia problems for Chapter 5....
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