econ222 study guide exam 2 sp 2011

econ222 study guide exam 2 sp 2011 - STUDY GUIDE FOR EXAM #...

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STUDY GUIDE FOR EXAM # 2 Remember to bring a #2 pencil, eraser, non-programmable/ non- graphical calculator and a picture ID (such as your driver’s license or student ID) This exam will consist of 40 multiple choice questions. I have tried to include all the important material that you will be tested on in this review sheet. The exam can consist of any material covered in class, regardless of whether it appears on this sheet so read, think back and understand the material covered during our lectures. Also, don’t forget to work on all of the online questions from the textbook (there is a link to this website on Blackboard) and your old quizzes. Get in touch with me if you have any questions. Good luck! Chapter 4 1. What is a market? The four types of markets. Characteristics of these markets (you must know the characteristics of all four markets). Examples of goods sold in these markets. Profits per unit – what happens as price changes, cetirus paribus? Costs? 2. Price takers vs. price makers in which markets? 3. Normal goods, inferior goods, substitute goods, complementary goods. 4. Individual demand/supply vs. market demand/supply 5. 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? 6. Equilibrium price, equilibrium quantity. What is this? You must know how to find this given a table or graph. How does Adam Smith’s ideas tie in with the equilibrium concept? 7. Surplus and shortage and what happens in a free market.
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econ222 study guide exam 2 sp 2011 - STUDY GUIDE FOR EXAM #...

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