ECON 1900 Final Study Guide
What is economics?
o The study of how society allocates/ manages resources
o The study of mankind in the ordinary business of life
o The study of how to get the most out of life
o Resources are scarce but
2. May help little competitors
3. May help lower price
1. Manipulative (not inform)
2. May hurt little competitors
3. May force price up
Long Run Average Costs
Homework #3 (Point value of each questions in parenthesis; 50 total points)
1. The burden of a tax is shared by producers and consumers. Under what conditions will
consumers pay most of the tax? Under what conditions will
Macroeconomics Exam 1 Study Guide
Part 1: Introduction, Goals, and Variables of the Macroeconomy
I. Introduction and a Brief Review
A. The Graphs of Economics
1. Identify Variables (label the axis)
2. Functional Form (linear vs. non-linear and direct vs.
ECON 3140 | Intermediate Microeconomics
Prof. Phillip Oberg
Final Examination Topic List
The lecture notes are your primary resource for studying, so when reading the textbook, focus on the material that
overlaps with your notes.The fi
History of sewing machines
In 1755, German, Charles Weisenthal was issued a patent for a sewing machine needle, but no
machine is recorded in the patent.
In 1790, English inventor and cabinet maker, Thomas Saint was issued the first patent for a
1. Is Microsoft a monopoly? What did the courts conclude?
The courts conclude that Microsoft is a monopoly because of the evidences they have gathered and
also because Microsoft has done illegal actions such as unlawfully maintaining a monopoly in the ope
The word Bon-sai (often misspelled as bonzai or banzai) is a
Japanese term which, literally translated, means planted in a
container. This art form is derived from an ancient Chinese
horticultural practice, part of which was then redeveloped under the
Economics is 100% Art. People use science and
math to study it, but the root of economics is the
art of trading. Everything boils down to what two
parties agree a fair price should be for something.
It is a bit of both based on mathematics and
is a skin-covered hand drum shaped like a large goblet and meant to be played
with bare hands.
It is a member of the membranophone family of musical instruments.
a type of metallophone used in Balinese an
DEATH PENALTY: The LAW over LIFE, the CASE against LIFE.
I mean, will this law diminish the cases of murders and crimes around the world? If so,
why until now, that we are already on the 21 st century that everyday of our lives we can still read,
Dear Mama Bear,
I have a big problem, my cat Wilbur went to the
top of the tree and hid there. I think he does not
like his new color. He stayed there all day and all
night? What should I do Mama Bear?
Winnie the Witch
If you really love your
REVIEW QUESTIONS TEST 3
The Keynesian Cross shows how planned spending (demand) determines actual spending (supply). What
causes shifts in planned expenditure? If actual spending is greater than planned expenditure, what
happens to inventories? Output?
REVIEW QUESTIONS TEST 2
1. What causes frictional unemployment? What causes structural unemployment?
natural rate of unemploymentthe average rate of unemployment around which the economy
fluctuates. The natural rate is the rate of unemployment toward whic
REVIEW QUESTIONS TEST 1
1. How do the CPI and the GDP deflator differ with respect to the substitution effect? Why
is this important? How else do the two measurements differ? How are the two
a. Substitution effect- change in consumpt
Weakness: New Graduate, Entry-Level, or Career
Changer without Relevant Experience -
Strength: Fast Learner
(Confession)"Some people would consider the fact that I have never worked in this field
before as a weakness. However, being highly
trainable and o
The stated interest payment made on a bond.
The principal amount of a bond that is repaid at the end of
the term. (Also called par value.)
The annual coupon divided by the face value of a bond.
The specified date on
The Communication Process
Establishing the communication process. The form, timing,
and expected content of the auditors communication should be
Those charged with governance. The person(s) or organization(s) (for
example, a corporate trust
Empowering the board
Jay W. Lorsch
FROM THE JANUARYFEBRUARY 1995 ISSUE
the 1980s were the decade when the movement to empower U.S. factory
and office workers took root, the 1990s are the decade when empowerment
is sweeping corporate boardrooms. Empowermen
1. Private cost is the cost paid by the consumer or the producer, external cost is a cost paid by
people other than the consumer or producer trading in the market. Social cost is the cost to
everyone so its the private cost plus the external cost.
1. GDP is the market value of all final goods and services produced within a country in a year.
2. Nominal variables have not been adjusted for changes in prices. Real variables have been
adjusted for changes in prices.
3. Growth in real GDP per capita is
1. A tax imposed on sellers would shift the supply up. The equilibrium quantity would decrease. The
price paid by the buyers increases. The price received by the sellers is the price paid by the buyer
minus the tax.
2. A tax imposed on the buyers would sh
1. What is equilibrium price? What is equilibrium quantity? Depict equilibrium in a market
The equilibrium price is the price at which the quantity demanded is equal to the quantity supplied.
The equilibrium quantity is the quantity at which
1. What is a demand curve? What is the quantity demanded? Depict the demand curve graphically.
The demand curve is a function that shows the quantity demanded at different prices. The quantity
demanded is the quantity that buyers are willing and able to b