Macroeconomics ECON 2301 Spring 2009 Marilyn Spencer, Ph.D.

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Macroeconomics
ECON 2301
Spring 2009
Marilyn Spencer, Ph.D.
Professor of Economics
Exam Topics, Chapters 1-4
Exam 1, February 12
 Chapters 1 – 4
Study PPT slides
Study assigned end-of-chapter questions
Study with a friend
 Test format:
25 multiple choice questions (+ 3 extra credit)
Questions include definitions, theory & applications –
Expect graphs and numbers.
1 hour
Scantron answer sheet provided
Test Resources Used
Please check any applicable box concerning "fees" for test
resources you plan to use DURING the exam:
 3x5 card with notes, 5 test points
 textbook and notebook, 15 test points
 information from others, 100 test points
 Will NOT use additional resources*
* Two (2) points will be added to your score if you choose to
NOT use any of these test resources.
Name (please print):____________________
ID #: ______________________ (some portion of ID#)
Signature: ___________________________
Chapter 1 EXAM QUESTION TOPICS
 Economics
 Microeconomics v. Macroeconomics
 Rational self-interest
 Ceteris Paribus assumption
 Positive v. normative statements
Chapter 2 EXAM TOPICS
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
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
Scarcity
Resources
Opportunity cost
Production possibilities frontier:
 Points on or off PPF
 Increase or decrease of PPF
 Increasing marginal opportunity cost
 Absolute advantage v. comparative advantage
 Specialization & gains from trade
Chapter 3 EXAM TOPICS
 Law of demand
 Movement along a demand curve
 Other variables that affect Demand
 Law of supply
 Other variables that affect Supply
 Equilibrium
 Shortage or surplus
Chapter 3 & 4 EXAM TOPICS (Ch. 4 is Review)
 Changing market equilibrium:
 Effect of a change in income shifting demand:
normal goods v. inferior goods
 Effect of a change in the price of a substitute
shifting demand: complements v. substitutes
 Effects of other determinants shifting demand
 Effects of determinants that shift supply
Chapter 3 & 4 EXAM TOPICS, cont.
 Demand increases
 P increases & Q increases
 Demand decreases
 P decreases & Q decreases
 Supply increases
 P decreases & Q increases
 Supply decreases
 P increases & Q decreases
Extra Credit Opportunity #4
 Watch a recording, read a transcript, or read
a news story, of Treasury Secretary
Geithner’s new bank bailout plan.
 Summarize the most important parts, in 50100 words (needn’t be in complete
sentences).
 Email this summary to me by Thurs., Feb.
26 at [email protected], for up
to 4 points of extra credit.
Assignment to be completed
before class February 17:
Read Chapter 6 & also read end-ofchapter Problems 6-2, 6-4, 6-6, 6-10
& 6-12 on pp. 156-158.
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