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Unformatted text preview: REVIEW SHEET FOR EXAM # 1 on Friday, Feb. 4 th in your recitation session ********Dont forget to bring a # 2 pencil, an eraser, an ID (Student ID, drivers license, or any government issued ID) and a non-programmable, non-graphical calculator******** Be prepared to answer 40 multiple choice questions about some of the topics below: Make sure you understand the lecture notes, old exams, and current/old quizzes (Even though questions from old exams will rarely be repeated, I believe that this is an important resource since it helps you narrow down the material to the concepts which I feel are important). Any material that was not covered in class & recitation but included in your text or otherwise will not be on the exam INTRODUCTION Definitions and examples of: (i) Micro/Macroeconomics (ii) Economics/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) Tangible vs. intangible (vi) GDP. How often is it calculated and reported? (vii) Business Cycle (viii) Trend Growth (ix) Money Supply (x) Expansionary / contractionary monetary policy (xi) Expansionary / contractionary fiscal policy (xii) Federal Reserve What do they do?...
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- Spring '10