Eco 110 Finals Information Fall 2008

1.    Dates, times, and places

    You can take the final on any of the following days/times:                             

       Monday Dec 15 4:45-6:45pm Wimberly Room 114 OR

        Tuesday Dec 16 4:45-6:45pm  Wimberly Room 114

2.    Be sure to study practice quizzes, quizzes, assignments, notes and readings.

3.    Fall 2007 Final



Do online quiz practice problems for Ch 13, 14, 15:  Go to Mankiw's companion website:  , select the chapter at the left near the top, and on the left of the page, click on Tutorial Quiz. Do not email me your results.

5.    Format and Content

A.    Approximately 20 multiple choice questions on identification/definition of the following terms and concepts:

                                1. Economic Problem/Scarcity/Opportunity Cost

                                2. Resources

                                3. Demand

                                4. Elasticity - all

                                5. Supply

                                6. Market Equilibrium       

                                7. Marginal Product

                                8. Pure Communism vs. Pure Capitalism

                                9. Price Floor and Price Ceiling

                                10. Market Structures - Perfect Competition vs. Imperfect Competition

B.      Short answer questions testing understanding and correct use of Economic Models to draw conclusions.  

                                1.    Demand/Supply/Market Equilibrium

                                2.    Mathematical calculation of equilibrium price and quantity

                                3.    Elasticity

                                4.    Price Ceiling/Price Floor

                                5.    Equilibriating Forces

  6.    3 economic questions and how they are answered in different economic systems

  7.    Calculate various costs given formulas

  8.    Perfect Competition vs. Imperfect Competition:

            a.    Demand curve

            b.    Barriers to Entry - define and give examples for Monopoly

            c.    Long run position

            d.    Identification of profit-maximizing quantity, price, profit/loss, shutdown point.

 e.    Why can advertising be important to imperfect competition?

                informative vs. persuasive

  9.    Free Trade

C.    Essay question testing understanding that some outcomes that develop under a market system may not coordinate decisions in a manner that society most wants.  Examples of market failures may be used to justify government intervention which will impact the market mechanism.  BOOKS AND NOTES MAY BE USED.

D.    Short answer questions testing ability to analyze and evaluate public policy issues within the framework of economic models, and understand the arguments and counter arguments inherent in social issues and public policies.  Evaluate the consequences (many unintended) of policy initiatives using economic models and a written explanation.  Examples we have done in class include: minimum wage, rent control, trade restrictions, criminalizing or heavily regulating certain economic activities such as trade in drugs, prostitution, abortion, organs, and alcohol.  BOOKS AND NOTES MAY BE USED.