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Finrev - ECO 2013 Fall 2003 Some Review Tips for the Final...

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ECO 2013 Fall 2003 Some Review Tips for the Final Your final is in Fisher Lecture Hall [downstairs] on Monday 8 December at 3 p.m.; Those whose last names begin with A through L in 255 FLH, those with last names beginning with M through Z in 275 FLH , in both cases downstairs ONLY . It will be a multiple-choice exam of 80 questions. There will be more stress on the last two chapters, 19 and 20, that were not tested earlier, than on other material [of the order of say 7 to 10 questions directly relevant to those chapters, as opposed to at most 3 or 4 (in some cases much fewer) directly relevant to other chapters]. Remember, the material is cumulative, so if you are comfortable with the later material you are probably OK with most of the earlier. Don’t panic or be overly nervous; most of you will do better than you expect, you know more than you think you do. I will do a review on Sunday 7 December 3.00 p.m. in room BEL 0102. The best preparation for the exam is the practice multiple choice tests in the Study Guide and the www.CourseCompass.com or MyEconLab website. Things you should know: Key points from the first four chapters: - Difference between MACRO and MICRO economics and examples - Concept of scarcity and how economics is about scarcity and its implications - The business cycle and its parts, what is happening to output and employment in the different phases - Positive versus Normative statements - Graphs and the slope of a line in a graph - GDP as C + I + G + (X – M), definitions of each and relative sizes - The circular flow and the components of it, what the flows are - PPF, Production Possibility Frontier: idea of attainable and non-attainable, increasing opportunity cost on curved PPF’s, opportunity cost as slope of the PPF, how economic growth shows in the diagram; how international trade allows consumption at a point outside the PPF - Opportunity cost; comparative advantage means low opportunity cost producer [you have comparative advantage in an activity if your opportunity cost of it – what you have to give up of the other thing -- is lower than others’ opportunity cost of it] - Supply and Demand, reason for slopes, shifts in them, idea of equilibrium - Distinction between a change in Supply or Demand [shift of the curve, because something other than the own-price of the good changed] and movement on a curve [change in quantity supplied/demanded , because the price changed] - How to take a change in something other than the own-price and quantity of a good and interpret it as a shift in either Supply or Demand and make a prediction about what will happen to price and/or quantity [direction of change, if any, only] - Complements and substitutes in consumption and production, implications - Normal goods and inferior goods; how income change affects demand - Final goods versus intermediates Chapter 5: GDP; output = income = expenditure. Gross includes depreciation, Net subtracts depreciation. GDP = C + I + G + (X – M). Measuring by expenditure and by income. Value added
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