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ECO2023 Principles of Microeconomics Final Exam Study Guide Spring 2015 This study guide is meant to assist with your time management in preparation for the final exam The section titles from the assigned chapters in Gwartney et al Microeconomics Private and Public Choice 15th edition are listed for each of the 85 questions on the exam When a section is identified more than once it means that more than one question is from that section For example questions 1 through 4 are from the section titled The Economic Way of Thinking That means a total of 4 questions are directly related to that section Resist the temptation to read and review only those sections identified You cannot fully understand a section by skipping sections before and after the one listed However the ones listed are relatively more important than the others The questions are more directly related to the ones identified but are indirectly related to other sections in that chapter For example you cannot fully understand the concepts in the section titled Changes in Supply versus Changes in Quantity Supplied without first understanding the law of supply and related concepts in the previous section in Chapter 3 titled Producer Choice and the Law of Supply Please consult the chapter study guides for learning objectives and special notes about sections that were skipped The sections listed below are in the order of your notes since we skipped around The actual final exam question ordering will be random and not in this particular order The Economic Way of Thinking The Economic Way of Thinking The Economic Way of Thinking The Economic Way of Thinking Pitfalls to Avoid in Economic Thinking Positive and Normative Economics 1 2 3 4 5 6 7 What Shall We Give Up 8 What Shall We Give Up 9 What Shall We Give Up 10 What Shall We Give Up 11 12 13 14 15 16 17 18 19 20 21 How Markets Respond to Changes in Demand and Supply 22 How Markets Respond to Changes in Demand and Supply 23 How Markets Respond to Changes in Demand and Supply 24 How Markets Respond to Changes in Demand and Supply 25 How Markets Respond to Changes in Demand and Supply 26 How Markets Respond to Changes in Demand and Supply 27 How Markets Respond to Changes in Demand and Supply 28 How Markets Respond to Changes in Demand and Supply 29 30 Production Possibilities Curve The Importance of Property Rights Trade Creates Value Trade Output and Living Standards Trade Output and Living Standards Changes in Demand versus Changes in Quantity Demanded Changes in Demand versus Changes in Quantity Demanded Changes in Demand versus Changes in Quantity Demanded Changes in Supply versus Changes in Quantity Supplied Changes in Supply versus Changes in Quantity Supplied The Invisible Hand Principle Elasticity of Demand The Economic Role of Costs Elasticity of Demand Elasticity of Demand 31 32 33 How Demand Elasticity and Price Changes Affect Total Expenditures on a Product 34 How Demand Elasticity and Price Changes Affect Total Expenditures on a Product 35 How Demand Elasticity and Price Changes Affect Total Expenditures on a Product 36 How Demand Elasticity and Price Changes Affect Total Expenditures on a Product 37 38 Output and Costs in the Short Run 39 Output and Costs in the Short Run 40 Output and Costs in the Short Run 41 Output and Costs in the Long Run The Economics of Price Controls 42 The Economics of Price Controls 43 44 The Economics of Price Controls 45 The Impact of a Tax The Impact of a Tax 46 The Impact of a Tax 47 The Impact of a Subsidy 48 49 The Potential Shortcomings of the Market The Potential Shortcomings of the Market 50 The Potential Shortcomings of the Market 51 The Potential Shortcomings of the Market 52 53 The Potential Shortcomings of the Market The Potential Shortcomings of the Market 54 The Potential Shortcomings of the Market 55 The Potential Shortcomings of the Market 56 57 Price Takers and Price Searchers 58 How Does the Price Taker Maximize Profit 59 60 61 62 63 64 65 66 A Special Case Price Discrimination 67 A Special Case Price Discrimination 68 69 70 71 72 73 74 75 Marginal Productivity and the Firm s Hiring Decision 76 77 78 79 Why Do Earnings Differ 80 Why Do Earnings Differ 81 82 83 84 General no specific chapter 85 General no specific chapter The Role of Profits and Losses The Role of Profits and Losses Competitive Price Searcher Markets Competitive Price Searcher Markets Evaluating Competitive Price Searcher Markets Entrepreneurship and Economic Progress Entrepreneurship and Economic Progress Characteristics of a Monopoly Characteristics of a Monopoly Characteristics of a Monopoly Price and Output Under Oligopoly Price and Output Under Oligopoly Price and Output Under Oligopoly The Demand for Resources The Economics of Employment Discrimination The Link between Productivity and Earnings The Link between Productivity and Earnings The Supply of Resources Supply Demand and Resource Prices Supply Demand and Resource Prices


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FSU ECO 2023 - Final Exam

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