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Econ Final Review.doc

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ECON 1000
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ECON 1000Introduction to EconomicsReview December ExamFall 2012Format 20 Multiple Choice 40 marks 5 short answers out of 9 40 marks One long answer out of 3 20 marksChapters 118 22 1The Economic Way of ThinkingWhat is scarcityWhy is it the central economic problemWhat is opportunity costoWhat is the relationship between scarcity choice and opportunity costsWhat are the factors of productionDescribe each of these categoriesWhat does the production possibilities frontier showohow to interpret points on inside or outside the PPFowhat is constant what is changing as you move along the PPF oHow does the PPF demonstrate scarcity and tradeoffsoWhy is the PPF concave BOTH a negative and increasing slopeWhy are opportunity costs increasingWhy arent resources easily substitutable between two usesoWhat causes the PPF to shift out over timeoWhat causes the PPF to pivot outoHow does a shift or a pivot in the PPF affects opportunity cost or tradeoffDistinguishingbetween normative and positive statements2 International TradeWhat determines how much of a good a country will import or exportWho benefits from tradeWho does trade harmDo the gains outweigh the losses World price above or below domestic price effects on trade what happens to domestic price consumption production consumer surplus and producer surplusIf policymakers restrict imports who benefitsWho is harmedDo the gains from restricting imports outweigh the lossesWhat are some common arguments for restricting tradeDo they have merit3Demand and SupplyDemanda model of buyer behaviorothe law of demandoother factors affecting demandincome normal and inferior goods prices of substitutescomplements changes in preferencestastes expectations population and demographic changeshow does each of these factors affect the demand curveochange in quantity demanded vs a change in demandWhich shifts the demand curveWhich is due to a change in the price of that goodSupplya model of seller behaviorothe law of supplyoother factors affecting supplycosts of productionprices of complementssubstitutes in production expectations number of suppliers productivityHow does each of these factors affect the supply curveochange in quantity supplied vs a change in supplyWhich shifts the supply curveWhich is due to a change in the price of that goodEquilibriumoquantity demanded quantity supplied why is this an equilibriumohow do shifts in the demand curve andor supply curve affect equilibrium price and quantityoapplication
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