ECO100ReviewSheet1FA07 - ECO 100 Exam #1 Review Sheet The...

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ECO 100 Exam #1 Review Sheet The first exam will include the material from Chapters 1-3 and the handout “Evolution of the Capitalist System”. Although this review sheet does not include the handout “Evolution of the Capitalist System”, this material WILL BE TESTED on the first exam. If you have any questions about the review sheet, please contact me. 1. Which topics are studied in Macroeconomics and which are studied in Microeconomics: a. Price determination - MICROECONOMICS b. GDP – MACROECONOMICS c. Unemployment - MACROECONOMICS d. Costs of production - MICROECONOMICS e. Inflation - MACROECONOMICS f. Exchange rates - MACROECONOMICS g. Market structure - MICROECONOMICS h. Market failure - MICROECONOMICS i. Fiscal policy - MACROECONOMICS j. Monetary policy - MACROECONOMICS 2. Positive vs. Normative Economics a. How the economy works is explained by – POSITIVE ECONOMICS b. How the economy should work is explained by – NORMATIVE ECONOMICS
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c. Economic policy is closely related to – NORMATIVE ECONOMICS d. POSITIVE ECONOMICS - economic statements can be tested e. NORMATIVE ECONOMICS - economic statements involve value judgments 3. SCARCITY - is the cause of opportunity cost. 4. The value of the best alternative scarified is called – OPPORTUNITY COST 5. Which of the following are included in the Opportunity cost of college education: a. Tuition b. Fees c. Textbooks d. Room and board e. Foregone earnings 6. Demand vs. Quantity Demanded a. Demand: A Schedule that shows the amount of a Good or Service a consumer is willing and able to buy at each possible price during A particular period. b.
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This note was uploaded on 04/03/2008 for the course ECO 100 taught by Professor O'brien during the Spring '08 term at Bradley.

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ECO100ReviewSheet1FA07 - ECO 100 Exam #1 Review Sheet The...

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