Microeconomics Exam #1 Review

Microeconomics Exam #1 Review - Production Possibilities...

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Microeconomics Exam #1 Review 33 multiple-choice questions 16 questions from chapter 1 11 questions from chapter 2 6 questions from chapter 4 Topics to Review Economics Marginal analysis (marginal benefits/costs) Opportunity cost (in general and calculations) Macro v. Micro Positive v. Normative Budget Constraints (in general and calculations) Scarcity Economic Resources
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Unformatted text preview: Production Possibilities Frontier (in general and calculations) Command and Market System Market System Characteristics Five Fundamental Questions Least Cost calculation Command System downfall Circular Flow diagram Characteristics of Government *be able to perform the calculations that we did in class **see the worked problems for examples...
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This note was uploaded on 04/04/2011 for the course ECO 2252 taught by Professor Edward during the Spring '08 term at Troy.

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