|
Review topics are subject to change without notice. |
| Test 1
1. Scarcity 2. Positive v. normative economics 3. Micro v. macro 4. Opportunity cost/marginal opportunity cost 5. Changes in demand (supply) v. changes in the quantity demanded (supplied) 6. Normal v. inferior goods 7. Substitute v. complementary goods 8. Comparative statics 9. Circular flow model 10. Production possibilities frontier 11. Price floors v. price ceilings |
| Test 2
1. GDP v. GNP 2. Compounded growth 3. Y = C + I + G + NX 4. Nominal v. Real GDP 5. The GDP price deflator 6. Inflation: definition and calculation 7. Problems with the CPI 8. Converting nominal prices with price indices 9. Productivity: definition 10. Rule of 70 11. Human capital: definition 12. Returns to scale: constant, increasing, and decreasing |
| Test 3
1. Investment and capital 2. Financial markets 4. Bonds: risk, return, and maturity 5. The yield curve 6. Private v. public saving 7. Natural rate of unemployment 8. Unemployment definitions and calculations 9. Unemployment: seasonal, frictional, structural, and cyclical 10. The labor force 11. M1, M2, and M3 definitions and components 12. Fed composition and responsibilities |
| Test 4
1. ATC, AVC, AFC, and MC 2. Perfect competition 3. Monopolistic competition 4. Oligopoly 5. Monopoly 6. Profit maximization with TC and TR curves 7. Profit maximization with MC and MR curves 8. Market demand in perfect competition 9. Kinds and characteristics of monopoly 10. Characteristics of monopolistic competition 11. Price taker v. price maker firms 12. Price-discriminating monopoly 13. Oligopoly behavior 14. Kinked demand under oligopoly |