Exam 1 Review - ECO 211: Introductory Microeconomics Review...

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ECO 211: Introductory Microeconomics Review Sheet—Exam 1 Fall 2007 Exam will cover material in text chapters 1through 6. The exam will have both multiple-choice questions and “essay” and/or “problem-solving” questions. You should be familiar with Krugman’s essays, “The Accidental Theorist” and “In Praise of Cheap Labor.” You will not need to know these articles I detail. But you should know what the topic of each essay is and what point(s) Krugman is making. I. Introduction A lot of economic jargon was introduced at the beginning of the course; e.g., efficiency, equity, scarcity, opportunity cost, normative and positive analysis, comparative advantage, etc., etc. While you will not be asked to give exact definitions for these terms, you should know what they mean and understand their importance. You should be familiar with the methodology of economic analysis (“scientific method”) and the value of model-building. You should be able to work with Production Possibilities Frontiers: Know what they represent, how efficiency, inefficiency and growth can be demonstrated with a PPF. Be able to explain why the slope of the PPF represents opportunity costs. Be able to explain what a “bowed-out” frontier represents (increasing costs). II. Comparative Advantage
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This note was uploaded on 04/07/2008 for the course ECO 210 taught by Professor Sun during the Fall '08 term at Grand Valley State.

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Exam 1 Review - ECO 211: Introductory Microeconomics Review...

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