Econ 101

Deiter, S09

Ex #1 Study Guide

Logistics:

F Feb 13, 9:00-9:50 a.m., 127 Curtiss Hall

Weight in course grade:

22%

Material:

Units 1 (all), 2 (all), 3 (thru M Feb 9)

In Classes (thru M Feb 9)

Lectures (thru M Feb 9)

Book chapters & suggested homework problems (Chptrs 1, 2, 17, 3)

Format:

33 MC questions (based on definitions of terms/concepts, interpret graphs/equations, applications)

Things (not necessarily an exhaustive list) you will be expected to be able to do:

1) Define any term or concept presented in the covered material.

2) Calculate and explain slopes and equations of straight lines.

3) Identify marginal benefits and marginal costs of decisions.

4) Distinguish different types of costs.

5) Identify different types of cautions or errors in ‘economic’ decision making.

6) Interpret production possibilities frontiers and related concepts (e.g. efficiency)

7) Identify which producer/country among two has an ‘absolute’ advantage and which has a ‘comparative’ advantage in production.

8) Explain trade barriers and arguments for them.

9) Interpret S and D diagrams; identify causes of shifts in either D or S curves; calculate market equilibrium values of P & Q (or show graphically)

10) Calculate or explain opportunity costs.