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    ECON 201 Final Study Guide F08

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    Shyam
    The document provides a study guide for the ECON 201 final exam. It notes that the final exam will take place on December 11 from 10:15-12:15 PM and will be comprehensive and include around 100 multiple choice questions. It offers tips for preparing such as reviewing past tests, lectures, and doing practice questions without looking at the answers. Students are advised to understand key concepts covered in chapters 1 through 15 like comparative advantage, supply and demand, elasticity, market structures, and externalities. The document emphasizes understanding the application of these economic ideas.

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    ECON 201 Final Study Guide F08

    Uploaded by

    Shyam
    48 views2 pages
    The document provides a study guide for the ECON 201 final exam. It notes that the final exam will take place on December 11 from 10:15-12:15 PM and will be comprehensive and include around 100 multiple choice questions. It offers tips for preparing such as reviewing past tests, lectures, and doing practice questions without looking at the answers. Students are advised to understand key concepts covered in chapters 1 through 15 like comparative advantage, supply and demand, elasticity, market structures, and externalities. The document emphasizes understanding the application of these economic ideas.

    Original Description:

    Intro to Macroeconomics - Final Study Guide

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    The document provides a study guide for the ECON 201 final exam. It notes that the final exam will take place on December 11 from 10:15-12:15 PM and will be comprehensive and include around 100 multiple choice questions. It offers tips for preparing such as reviewing past tests, lectures, and doing practice questions without looking at the answers. Students are advised to understand key concepts covered in chapters 1 through 15 like comparative advantage, supply and demand, elasticity, market structures, and externalities. The document emphasizes understanding the application of these economic ideas.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    48 views2 pages

    ECON 201 Final Study Guide F08

    Uploaded by

    Shyam
    The document provides a study guide for the ECON 201 final exam. It notes that the final exam will take place on December 11 from 10:15-12:15 PM and will be comprehensive and include around 100 multiple choice questions. It offers tips for preparing such as reviewing past tests, lectures, and doing practice questions without looking at the answers. Students are advised to understand key concepts covered in chapters 1 through 15 like comparative advantage, supply and demand, elasticity, market structures, and externalities. The document emphasizes understanding the application of these economic ideas.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    ECON 201 Study Guide for the Final: Fall 2008

    1. Final Date & Time: Thursday, December 11, 10:15-12:15 PM


    2. Compréhensive & Multiple Choice (About 100 M/C Questions)

    3. Some tips for Preparing for the Final:


     Go over the past 4 tests and cross check with the answers posted on the website.
     Go over Power Point Lectures for the chapters covered in the Mankiew Text
    (i.e. from chapters 1 to 15). Note: Chapter 16 was covered during the last
    class meeting, but there are no specific questions on it.
     Does the online study guide M/C questions without referring to answers for
    each chapter. Reconcile your answer with the answers given on line. i.e. If
    your answer is wrong, make sure you understand the correct answer
     If you have questions send it to your professor by e-mail or stop by his office
    hours or send me e-mail.

     Please note the following:


     Make up rule for the Final: Make up is strongly discouraged.
     Final course grades will be mailed to students by WMU. (i.e.l Grades will not
    be posted)

    4. After you complete the above tasks make sure you understand the
    following concepts including their applications

     The economic idea that there is no free lunch


     Ways governments may enforce property rights
     The idea of economic model and assumption
     Positive and normative statements
     The ideas of comparative and absolute advantage
     Figuring out absolute and comparative advantage from a table or a graph
     The concept of opportunity cost and production possibilities curve (PPC)
     The laws of demand and supply
     Examples of monopoly including factors that give rise to monopoly
     Demand shifts and movement along demand curve and factors that cause
    them
     Elasticity of demand and supply
     Various elasticities such as price, income, cross price elasticities and their
    meaning and applications
     The effect of price control and price floor
     The effect of rent control on housing
     The effect of minimum wage on labor markets for unskilled labor
     The effect of tax on buyers and sellers using supply & Demand diagrams
     The relative tax burden on consumers and producers
     Calculating producer and consumer surplus in a market
     Factors that shift supply and demand
     The concept of market power
     The difference between Microeconomics and macroeconomics
     The Laffer curve and its implication
     The notion of comparative advantage in international trade
     Calculating tariff revenues, imports, deadweight loss and effect on exporters
    and importers in international trade markets. (Using supply & Demand
    diagram)
     The idea of externalities –positive and negative including examples
     Alternative ways of correcting negative externalities
     Corrective taxes
     The tragedy of commons & common property resource
     Differential Features of public and private goods
     The idea of market failure
     Proportional, regressive, lump-sum and progressive taxes: their differences
     The idea of diminishing marginal productivity and return
     Cost relationships: TC= TVC+TFC, Average Cost =TC/Q, MC= change in
    TC/ change in Q, AFC= TFC/Q, etc..- be able to calculate this from a table
     Cost curves: Be able to identify Average, Marginal, supply, etc curves from a
    cost diagram
     Long term equilibrium in the long run including long run supply curve
     Be able to calculate profit maximizing output, profit, loss, etc
     The difference between pure monopoly and pure competition
     The concept of natural monopoly and economies of scale

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