Review List for Exam 1 2314

Review List for Exam 1 2314 - Distinction between change in...

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Review List 1 Eco 2314 Exam 1 Bring a pencil, your own calculator Chaps 1-4; 30 multiple choice questions Comparative Advantage – calculate opportunity costs, comparative advantage, and specialization Production possibilities frontier – derivation, interpretation, slope, opportunity costs along the slope, law of increasing opportunity costs, marginal rate of transformation Circular flow model Determinants of demand and supply Distinction between change in demand and change in quantity demanded
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Unformatted text preview: Distinction between change in supply and change in quantity supplied Equilibrium Excess demand and excess supply Price adjustments for shortages and surpluses Comparative statics – single and simultaneous shifts in demand and supply Methods of non-price rationing Price ceilings and price floors The study of economics 1 May not be a comprehensive list...
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