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Final Exam Study Guide

Final Exam Study Guide - REVIEW FOR FINAL EXAM Remember to...

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REVIEW FOR FINAL EXAM Remember to bring a #2 pencil, eraser, a non-programmable non-graphical calculator, an eraser and your brain cells. Partying the night before you econ final is not recommended!! Weigh your opportunity costs. The final consists of 50 multiple choice questions. Number of questions from each chapter is highlighted. Don’t forget to look at your old midterms and your quizzes. HINT: THE MORE RECENT THE MATERIAL, THE MORE IMPORTANT Though the final is comprehensive and will include information from all the chapters, your strategy should be to focus more on the new material, especially the material after Exam 2 Introduction & CHAPTER 1: The Ten Principles of Economics (only 1-3 questions) Definitions and examples of: (i) Micro/Macroeconomics (ii) E conomics/economy (iii) Resources/factors of production/inputs into the production process-what are they and what do we need them for? (iv) Goods vs. services (v) GDP (vi) Business Cycle (vii) Trend Growth (viii) Expansionary monetary policy Definitions and Examples (i) Efficiency, equity (ii) Opportunity cost (iii) Scarcity (iv) The three different types of economic systems (See lecture notes and notes packet) (v) Market failure (vi) Market power / monopoly (vii) Externalities (viii) Adam Smith (ix) Productivity (x) Inflation (xi) Marginal benefit and marginal costs (xii) Rational decision making (xiii) invisible hand (xiv) Inflation vs. unemployment (xv) what is a market? (xvi) tradeoffs CHAPTER 2: Thinking Like An Economist (only 1-3 questions) (i) Production Possibility Frontier - points : unattainable/infeasible, inefficient, feasible/possible, efficient - opportunity costs of moving from one point to another on the PPF graph (like we did in class) (ii) Circular Flow diagram
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- The two types of markets - what do households sell (income)/buy (expenditure)? - what do firms buy/sell? - Know the four arrows/flows : flow of dollars, factors of production, goods=output, sales revenue Chapter 3: (only 1-3 questions) Know how to calculate and determine absolute and comparative advantage CHAPTER 4: The Market Forces of Supply and Demand (only 1-3 questions) (i) Normal goods, inferior goods, substitute goods, complementary goods. (ii) Change in quantity demanded/supplied (movement along the demand/supply curve) vs. change in demand/supply (shifts of the demand/supply curve) – what causes these? (iii) Comparative Statics - Shifts of Demand and Supply curves and how these shifts affect equilibrium prices and quantities (both questions are from this, but in order to determine which curve shifts and
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Final Exam Study Guide - REVIEW FOR FINAL EXAM Remember to...

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