Econ midterm 2 study guide:
Chapter 8:
Negative externalities:
- automatically indicates change in supply curve
- produce too much, add tax (pollution tax) to cease OVERALLOCATION
- need to produce less to prevent costs outweighing benefits
- market suppl
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F
F
F
T
F
F
F
T
F
F
F
T
F
T
F
T
F
F
T
F
T
T
T
T
F
D
B
D
A
C
E
B
A
A
C
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B
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E
E
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B
C
Principles of Micro
Andy Yuengert
Test 2C, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Micro
Andy Yuengert
Test 1A, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Micro
Andy Yuengert
Test 2D, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Micro
Andy Yuengert
Test 1C, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Micro
Andy Yuengert
Test 2A, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Micro
Andy Yuengert
Test 1B, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Micro
Andy Yuengert
Test 1D, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Micro
Andy Yuengert
Test 2B, Fall 2016
ROW: _
SEAT: _
Name: _
There are 40 multiple choice questions on this test, worth a total of 100 points. Please enter your
answers on the scantron sheet. If you think two answers are correct, choose the
Principles of Microeconomics
Andy Yuengert
Old test questions, second midterm
1. Consider the following market, on which the government has imposed a price ceiling:
P
S
PMAX
D
Q0
Q1
Q2
Q
PMAX is inefficient because
a) the Q0 units produced are not produce
Intermediate Macroeconomics
Chapter 3
National Income
Where It Comes From and Where It Goes
CHAPTER 3
National Income
0
Outline of model
A closed economy, market-clearing model
Supply side
factor markets (supply, demand, price)
determination of output/
Intermediate Macroeconomics
Chapter 5
Inflation:
Its Causes, Effects, and Social Costs
CHAPTER 5
Inflation
0
IN THIS CHAPTER, YOU WILL LEARN:
The classical theory of inflation
causes
effects
social costs
Classical assumes prices are flexible &
market
Intermediate Macroeconomics
Chapter 2
The Data of Macroeconomics
CHAPTER 2
The Data of Macroeconomics
0
IN THIS CHAPTER, YOU WILL LEARN:
the meaning and measurement of the
most important macroeconomic statistics:
gross domestic product (GDP)
the consume
IN THIS CHAPTER, YOU WILL LEARN:
about the natural rate of unemployment:
what it means
what causes it
understanding its behavior in the real world
1
Natural rate of unemployment
Natural rate of unemployment:
The average rate of unemployment around
whi
Intermediate Macroeconomics
Chapter 4
The Monetary System
What It Is and How It Works
CHAPTER 4
The Monetary System
0
IN THIS CHAPTER, YOU WILL LEARN:
the definition, functions, and types of money
how banks create money
what a central bank is and how i
Intermediate Macroeconomic Theory
Homework #5
Showing all work and providing economic justification, provide legibly written up answers to the
following questions:
1. Chapter 9. Problems and Applications #1.
2. Chapter 9. Problems and Applications #2.
Not
Homework #6 Solutions
Chapters 10-11
Showing all work and providing economic justification, provide legibly written up answers to the
following questions:
1. Chapter 10. Problems and Applications #1.
Note: For parts c-e, please use a graph to explain your
Homework #5 Solutions
Chapter 9
1. Chapter 9. Problems and Applications #1.
2. Chapter 9. Problems and Applications #2.
Note: When it asks you to apply a Cobb-Douglas function, we use the following
equation: Y
= KL1- . To continue the problem, solve for o
Intermediate Macroeconomic Theory
Homework #1
Provide legibly written up answers to the following questions:
1. Chapter 3. Problems and Applications #1.
Note: Assuming a Cobb-Douglas production function, you may find it useful to
inspect each events (a-d)
Intermediate Macroeconomic Theory
Homework #2
Provide legibly written up answers to the following questions:
1. Chapter 5. Problems and Applications #1.
2. Chapter 5. Problems and Applications #3, parts (a-b).
3. Chapter 5. Problems and Applications #5.
4
Intermediate Macroeconomic Theory
Homework #3
Showing all work and providing economic justification, provide legibly written up answers to the
following questions:
1. Chapter 7. Problems and Applications #3.
2. Chapter 7. Problems and Applications #4.
3.
Intermediate Macroeconomic Theory
Homework #6
Showing all work and providing economic justification, provide legibly written up answers to the
following questions:
1. Chapter 10. Problems and Applications #1.
Note: For parts c-e, please use a graph to exp
Intermediate Macroeconomic Theory
Homework #4
Showing all work and providing economic justification, provide legibly written up answers to the
following questions:
1. Chapter 8. Problems and Applications #1.
For part (d), show me a spreadsheet image (or c
Introduction to Micro
Chapter 7:
Whats So Great About Markets?
Short Run and Long Run
The Short Run
In Short Run,
number of
suppliers (N)
unchanged
Whats so
great about
markets in
Short Run?
P
S (S,PO,E,N,T,T)
X
P0
Q0
Q
Coordinating Supply and Demand
Supp
Introduction to
Microeconomics
Chapter 10
Property Rights and Externalities
Why Externalities Matter
Up to now: efficiency of
the market price
mechanism.
P=MC
P=MB
Why Externalities Matter
Up to now: efficiency of
the market price
mechanism.
Forces fir
Introductory
Microeconomics
Supply and Costs
Dont Miss the Forest for the
Trees
Supply and
Demand
The supply side
Opportunity cost
Short run supply
and marginal cost
Prices and Exchange
Opportunity Cost: the value of the
opportunity you forego when you t