Microeconomics
ECON 2302
May 2011
Marilyn Spencer, Ph.D.
Professor of Economics
Review: Chapters 1-4
Exam 1, May 18
 Chapters 1–4
Study PPT slides.
Study assigned end-of-chapter questions.
Study with a friend.
 Test format:
Multiple choice
Questions include definitions, theory & applications –
Expect graphing and tables of numbers.
Class period
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 MAJOR TOPICS
 Rational behavior
 Responding to incentives
 Positive & normative analysis
 Scarcity
Chapter 2 MAJOR TOPICS
 Production possibilities frontier model
 Points on curve
 Points below curve
 Points above curve
 Growth
 Opportunity cost/marginal opportunity cost
 Comparative advantage v. absolute advantage
Chapter 3 MAJOR TOPICS
 Law of demand/movement along demand curve
 Other major variables that affect demand
 Law of supply/movement along supply curve
 Other major variables that affect supply
 Shortage or surplus
 Changes in demand & supply that change the
equilibrium
Chapter 4 MAJOR TOPICS
 Economic surplus
 Consumer surplus
 Producer surplus
 Price floors / ceilings
 Effects of a tax
 Effects of a government subsidy
Assignments to be completed
before we begin Chapter 5:
Pre-Read Ch. 5, including:
Review Questions: 3rd ed. p. 160, 1.1-1.5; p.
161, 2.1; p. 164, 4.2, 4.3 (2nd ed., p. 166, 1.11.5; p. 167, 2.1; p. 170, 4.2 & 4.3;1st ed.: 1-6,
11 & 12 on p. 159) and
Problems and Applications: 3rd ed. p. 160
1.6; p. 162, 2.5, 3.3; p. 165, 4.5 (2nd ed., p. 166,
1.6; p. 168, 3.3; p. 167, 2.5; p. 170, 4.5;1st ed.:
1, 3, 7 & 17 on pp. 159-161).
Any questions?