Macroeconomics: Information and communication technology
STUDY GUIDE#2 for Macroeconomics TEST#2-Wednesday, March 5th ‘14
PS: TEST#2 will have 55 questions (including extra credit questions) for all students
Study and know very well the following topics:
Topic#1-Miscellaneous Topics
(1)Study and know very well the ten (10) principles of economics and their categories
(2)Study and know the definition of the central economic problem in societies
(3)The definition of the Scientific method and its analytical tools
(4)Study and know the definitions and differences between markets and marketplaces
(5)Study and know the “Preconditions for the existence of markets”-(See download “Basic Economics” from my webpage”)
(6)Definition of consumer sovereignty in markets
(7)Definition of trade-offs, opportunity cost, wants, needs and demand
(8)Definitions and differences between the Fallacy of Composition and Post hoc Fallacy
(9)Definitions and differences between the Deductive or A Priori Method and the Inductive or Empirical Method of analyses
(10)Definitions and differences between Partial Equilibrium Analysis vs General Equilibrium Analysis
(11)Definitions and characteristics of Positive vs Normative economics
(12)Study and know the following about the Production Possibility Frontier or PPF:
Concept
Slope (calculation of the slope)
The economic significance of shifts to the right and to the left (i.e. growth vs contraction in an economy)
The economic significance of rotation to the right and to the left (i.e. growth or contraction in a given sector of an economy)
Possible causes for shifts and rotation in PPF as discussed in class
(13)The concept of Best or efficiency or optimality
(14)The concept of equity
(15)Definition of the Efficiency-Equity Trade-Off Curve vs Other alternative relationships between Efficiency-Equity in an economy or market
Topic#2-The Importance, Characteristics and Purposes of Economic Systems
(1)Definition and characteristics of all economic systems
(2)Definition and
PS: TEST#2 will have 55 questions (including extra credit questions) for all students
Study and know very well the following topics:
Topic#1-Miscellaneous Topics
(1)Study and know very well the ten (10) principles of economics and their categories
(2)Study and know the definition of the central economic problem in societies
(3)The definition of the Scientific method and its analytical tools
(4)Study and know the definitions and differences between markets and marketplaces
(5)Study and know the “Preconditions for the existence of markets”-(See download “Basic Economics” from my webpage”)
(6)Definition of consumer sovereignty in markets
(7)Definition of trade-offs, opportunity cost, wants, needs and demand
(8)Definitions and differences between the Fallacy of Composition and Post hoc Fallacy
(9)Definitions and differences between the Deductive or A Priori Method and the Inductive or Empirical Method of analyses
(10)Definitions and differences between Partial Equilibrium Analysis vs General Equilibrium Analysis
(11)Definitions and characteristics of Positive vs Normative economics
(12)Study and know the following about the Production Possibility Frontier or PPF:
Concept
Slope (calculation of the slope)
The economic significance of shifts to the right and to the left (i.e. growth vs contraction in an economy)
The economic significance of rotation to the right and to the left (i.e. growth or contraction in a given sector of an economy)
Possible causes for shifts and rotation in PPF as discussed in class
(13)The concept of Best or efficiency or optimality
(14)The concept of equity
(15)Definition of the Efficiency-Equity Trade-Off Curve vs Other alternative relationships between Efficiency-Equity in an economy or market
Topic#2-The Importance, Characteristics and Purposes of Economic Systems
(1)Definition and characteristics of all economic systems
(2)Definition and