Economics Test 1 Study Guide | Spring,2010 |
To prepare for this exam, make sure you understand and can explain the following ideas:
Comparative advantage
Externalities
Productivity
The United States’ economy: basic characteristics and makeup
GDP: definition and importance
Recession
Gov’t roles in the economy
Scarcity and its effect on choices
Opportunity costs and money costs
The Production Possibilities Frontier
Principle of increasing costs and efficiency
Demand curve: functioning and characteristics
Supply curve: shifts
-for both supply and demand curves, make sure you can differentiate between movement along the curves vs. shifts in the curves
Equilibrium, price floors and ceilings
Other difficulties in attempting to manipulate the market
From Harford:
Scarcity and bargaining power
“marginal” and David Ricardo
Rent seeking
Unions and their role in the economy
20 multiple choice, 1 essay
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