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Midterm Review - inferior goods substitutes complements why...

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The American Economy George Diemer  Spring 2011 Your midterm will be a combination of 24 multiple choice questions (2.5 pts each) and your  choice of 5 out of 6 possible essay questions (8 points each).  The exam will include material  from every aspect of the class.   I recommend you study your notes from class discussions, any  additional notes/examples posted on blackboard, and current events.  Bring a pencil.  Specifically you should be prepared for: Readings (aside from the blog): Guell Text: Chapters 1, 2, 3, 29 Taking Sides Issues: 1, 11 Major topics covered in the class: Economics, Microeconomics, Macroeconomics, Opportunity Cost, factors of production, positive  vs. normative statements, correlation vs. causation, slope. Markets, competitive markets, demand, quantity demanded, law of demand, normal goods, 
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Unformatted text preview: inferior goods, substitutes, complements, why and how you move along the demand curve, why and how you shift the demand curve, supply, quantity supplied, law of supply, why and how you move along the supply curve, why and how you shift the supply curve, equilibrium, surplus, shortage, convergence toward an equilibrium, predicting price and quantity changes by using the supply and demand model, price ceilings, price floors, consumer surplus, producer surplus, elasticities, etc… Adam Smith, Karl Marx, Milton Friedman, the invisible hand, capitalism, communism Policy issues that incorporate economics: The minimum wage, rent ceilings, attacking illegal drugs with limited funds, the financial crisis...
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