MATH 204 EXAM 3 STUDY GUIDE
1. A jewelry store chain with 5 stores in Georgia, 8 in Florida, and 7 in Alabama is planning to close 9
of these stores.
a. How many ways can this be done?
b. The company
Microeconomics Exam 1:
What is economics?
Long definition:
The study of how people allocate their limited resources to satisfy their unlimited
wants
Underlying problem:
Scarcity
Short definition:
Chapter 9: Elasticity:
Elasticity:
Price of elasticity of demand.
Income elasticity of demand.
Crossprice elasticity of demand.
Price of Elasticity of Demand (Ed):
Measures price sensitivity when
Inelastic Demand + Total Revenue Scenario
Price Rise Total Revenue Rise
Elastic Demand + Total Revenue Scenario
Price Lowered Total Revenue Rise
Scenario of supply of a particular good or
service over
Name: _ Date: _
A)
B)
C)
D)
1.The best available measure of the standard of living in a country is:
nominal GDP per capita.
real GDP per capita.
the unemployment rate.
the growth rate of productivity.
Exam 1 Practice Problems
A)
B)
C)
D)
A)
B)
C)
D)
1. Scarcity in economics means that:
we do not have sufficient resources to produce all of the goods and
services we want.
the wants of people are limi
Finite Mathematics for Business Exam 1 Study Guide Solutions
If you find ANY mistakes, please let me know.
1. Please go over the Webwork assignments on sections 3.1,3.2,3.3,3.4, 4.2,4.3.
2. Use simple
Finite Mathematics for Business Exam 1 Study Guide Solutions
If you find ANY mistakes, please let me know.
1. Please go over the Webwork assignments on sections 1.5, 1.6, 1.7, 1.8, 2.1, 2.2, 2.3,2.4,2
Brett Morris
Exam 3 Review
Chapter 13: Fiscal Policy, Deficits, and Debt

Fiscal Policy: consists of the changes made by the federal government in its budget expenditures and tax
revenues to expand o
Brett Morris
Exam 2 Review
Chapter 9: Inflation
 Inflation: an increase in the general level of prices in the economy.
o Consumer Price Index (CPI): the primary measure of inflation in the United Sta
Brett Morris
Econ 204: Exam 1 Review
Chapter 7: Measuring Domestic Output and National Income
 National Income Accounting: consists of concepts that enable those who use them to
measure the economys
Sample Questions Exam 1
Multiple Choice
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_
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1. If the variance of a data set is correctly computed with the formula using n  1 in the denominator, which of
the following is true?
a. the d
Pr(A) = # of outcomes in event A
total # of outcomes
compound event cfw_even or 3. A compound
event is formally defined as the union of two or
more individual events.
Pr(A or B) = Pr(A) + Pr(B) Pr(A a
Discrete vs
Continuous
Integers
Finite # of outcomes
Infinite # Outcomes
(coins, dice,cards)
Count # of successes
Compute Probability of (ntrials)
an interval of outcome
Probability of 1 event
Probabi
Confidence intervals
X bar plus or minus z times the standard error = standard deviation /square root of n
Pie hat plus or minus z times square root of pie times 1 minus pie divided by n
If we want to
Descriptive Statisticsdescribe data
InferentialDraw conclusions about pop using sampl
Qualitative Characteristics (Zip code)
Quantitative# that mean something
Discretefixed increments(integers)
C
statistics are a set of mathbased tools that permit decision makers to summarize and use information
relevant to the judgment calls required of economists and business professionals.
Descriptive:desc
Descriptive Statisticsdescribe data
InferentialDraw conclusions about pop using sampl
Qualitative Characteristics (Zip code)
Quantitative# that mean something
Discretefixed increments(integers)
C
Econ 204Practice QuestionsEconomic Growth
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Assuming all else equal, if the production t
Econ 204Midterm IVersion A
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Real GDP will increase
A) only if the quantity of final goo
Econ 204Practice QuestionsBusiness Cycles and Fiscal/Monetary Policy
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Which of the foll
Econ 204Midterm IVersion B
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Table 818
Product
Camera
Legal services
Books
2008
Quantity
1
Labor Market Practice Questions
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Labor supply
A) increases if the substitution effect exceeds t
Econ 204Practice QuestionsDemand and Supply
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) If, in response to a decrease in the price of co
Econ 204Midterm IVersion C
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Which of the following would cause the number of vacancies
.' \100 Mini have seen We FederJ Reserve ﬁnk)
or HFe “ newwei M +143 nevus (a.le
L: Lek 01C ML aloM “will We Fed raise
MWeer m¥es7_“ ‘
us, Who is Has REC/[Brat PegeWP ﬁat/1L] Why
I
WM raise 'MMﬁ rake
Tariff Model Review
1.
Free Trade
With Tariff
World price
$5
$5
Tariff
$0
Import price
$5
$6
Domestic production
100
120
Domestic consumption
190
160
Imports
a.
Import country imposed a tariff; fill i
Tariff Model Review
1.
Free Trade
With Tariff
World price
$5
$5
Tariff
$0
Import price
$5
$6
Domestic production
100
120
Domestic consumption
190
160
Imports
a.
Import country imposed a tariff; fill i