HONov22 - Economics 201, Witte, Tuesday, November 22, 2005...

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Economics 201, Witte, Tuesday, November 22, 2005 CUMULATIVE Final Exam: Thursday, December 8 th , 3:00-5:00. Bring Wildcard, calculator, and an 8.5 by 11 inch note-sheet on which you can put whatever notes you think will be helpful. The final will resemble the recent old midterms more than it will the old final exams I’ve posted. It’s worth 45% of your grade, but big improvements will be noted in this calculation. Extra office hours for me and the TAs: Thursday, December 1 10:00-Noon Jeff Wood, Andersen 328 2:00-4:00 Mark Witte, Andersen 311 4:30-6:30 Tim Lin, Andersen 328 Friday, December 2 10-Noon Mark Witte, Andersen 311 2:00-4:00 Nenad Kos, Andersen 328 Saturday, December 3 2:00-4:00 Mark Surdutovich, Andersen 328 Monday, December 4 10:00-Noon Mark Witte, Annenberg G21 Noon-2:00 Mark Surdutovich, Andersen 328 7:00-9:00 Tim Lin (review session), Leverone G40 Tuesday, December 6 2:00-4:00 Nenad Kos, Andersen 328 5:00-7:00 Jeff Wood (review session), TBA Wednesday, December 7 (“A day that will live forever in infamy.”) 10:00-Noon Mark Witte, Annenberg G21 6:00-8:00 Mark Witte, Tech L211 Thursday, December 8 3:00-5:00 Final Exam, Leverone Auditorium It would be nice to know about the future I. We do know what econ stories we will be seeing in the news in the future. II. Much of what we hear will be wrong (because sadly, too few journalists are Medills.) III. International situation for the US. a. Trade deficit won’t continue forever: Herb Stein’s Law i. Role of foreign central banks, building dollar reserves ii. Loanable funds market – US importing investment b. US interest rates rise? c. US dollar falls? i. Exports rise and imports fall: Structural changes in US economy? Increased structural unemployment? Taxation, Government Borrowing, and Potential Negative Implications I. Taxes - Taxes are harmful to the economy, and high taxes are much worse than low taxes, the relationship of harm to tax rates is quadratic, not linear (the exception is when taxes correct for missing prices in the case of externalities) a. Primary purpose: To collect revenue to finance government spending b. Secondary purpose of some taxes: To set “prices” to encourage people to make careful use of otherwise free scarce social resources (tolls on congested roads, pollution taxes) c. Tertiary purpose: To affect behavior (cigarette and liquor “sin” taxes), but this mostly just serves to collect revenue. d.
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HONov22 - Economics 201, Witte, Tuesday, November 22, 2005...

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