Review for Exam #1

Admin/Review

Class Activity

Summary of Course Objectives

Homework

Love for Econ...

Admin/Review

Notes and Calculators

1.You may create one page of personal handwritten notes prepared by you, (front and backside) to bring along with your calculator to the exam. Print your name at the top of the paper.
2. You must turn in the page of notes along with the exam to the exam proctor, and agree that the notes and the completed exam become the property of the instructor.
3. You may not duplicate the notes, nor save them on computer, nor pass them along to another student. You may not use notes prepared by someone else.

Class Activity

You are going to be evaluated on your mastery of the following learning outcomes:

1.1 Define economics and explain the kinds of questions that economists try to answer.

1.2 Explain the core ideas that define the economic way of thinking.

Appendix - Making and Using Graphs

       Interpret a scatter diagram, a time-series graph, and a cross-section graph.
        Interpret the graphs used in economic models.
        Define and calculate slope.
        Graph relationships among more than two variables.

2.1 Describe what, how, and for whom goods and services are produced in the United States.

2.2 Use the circular flow model to provide a picture of how households, firms, and governments interact.

2.3 Describe what, how, and for whom goods and services are produced in the global economy.

3.1 Use the production possibilities frontier to illustrate the economic problem.

3.2 Calculate opportunity cost.

3.3 Define efficiency and describe an efficient use of resources.

3.4 Explain what makes production possibilities expand.

3.5 Explain how people gain from specialization and trade.

19.1 Describe the patterns and trends in international trade.

19.2 Explain why nations engage in international trade and why trade benefits all nations.

19.3 Explain how trade barriers reduce international trade.

19.4 Explain the arguments used to justify trade barriers and show why these arguments are incorrect but also why some barriers are hard to remove.

Summary

1. Review your text and study guide carefully.
2. Complete the course critique at the end of the exam. (Give yourself some good advice, based upon some alternative studying strategies which I will suggest.)
3. Prepare to tally the number of points you missed on each learning objective if you are attending the following in-class session.

Homework (from the Study Guide)

Checkpoint 1.1,1.2 and Appendix	Problems and Additional Problems 1.1,1.2 and Appendix	Self-tests 1.1,1.2 and Appendix
Checkpoint 2.1,2.2,2.3	Problems and Additional Problems 2.1,2.2,2.3	Self-tests 2.1,2.2,2.3
Checkpoint 3.1,3.2,3.3,3.4, 3.5	Problems and Additional Problems 3.1,3.2,3.3,3.4, 3.5	Self-tests 3.1,3.2,3.3,3.4, 3.5
Checkpoint 19.1,19.2,19.3,19.4	Problems and Additional Problems 19.1,19.2,19.3,19.4	Self-tests 19.1,19.2,19.3,19.4

"Love for Econ springs eternal!"