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ECON 215 Final Exam Review

by: Maria Notetaker

ECON 215 Final Exam Review ECON 215

Marketplace > Montclair State University > Economics > ECON 215 > ECON 215 Final Exam Review
Maria Notetaker

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Final Exam Review
Economics of Social Problems
Study Guide
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Popular in Economics of Social Problems

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This 4 page Study Guide was uploaded by Maria Notetaker on Wednesday September 21, 2016. The Study Guide belongs to ECON 215 at Montclair State University taught by Gurfein in Fall 2016. Since its upload, it has received 13 views. For similar materials see Economics of Social Problems in Economics at Montclair State University.


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Date Created: 09/21/16
Final Exam Review Tuesday, December 8, 2015 7:39 PM   Ch. 11­15   Ch. 11  Nature of fault commodities (in terms of demand by people, what kind of demand) Chart ­ determine which is the equilibrium level (if the gov support # is higher or lower than the  equilibrium number (surplus or shortage)) Various programs the gov has to keep prices up The effect of weather on agriculture What happens to income of farmers in those conditions Effects of technological change in agriculture (quite substantial) Characteristics of agriculture in terms of the economy   Ch. 12 Imports and exports (difference) (negative #/positive #) Know about comparative advantage Absolute advantage Ricardo's law  Know the effects of the US gov taking action on imports and how it affects the exports in this  country (2) ­If the gov imposes higher tariffs on country A, what will happen to their exports to the US? Know about the demand for developing countries have on exports  ­have not too much value added to their products (mostly mining, agriculture, etc.) Know about exchange rates­ what they mean  Know about problems developing countries have on international trade What kind of purchases do businesses make  Know what happens when one country has increase in currency value in respect to another    Ch. 13 Market Power Monopoly, oligopoly, etc. (definitions) Know what monopolies are able to do Know about barriers to entry (business/market) (need a lot of money, and deal with other peoples patents being violated) Know about the limits placed on market power Know what the term price discrimination means Know about monopolies and oligopolies (more than 1 question) Concentration ratios (3 questions)   Ch. 14 Unemployment Definition of unemployment (numerator ­ unemployment denominator­ employment _+ unemp Types of unemployment (cyclical, etc.) What could be used to reduce structural unemployment Know about full employment  Know about effect of large scale immigration of low skilled immigrants Characteristics of the consumer price index Trade that is done without cash / without currency Which ethnic/racial group has highest unemployment rate   Ch. 15 Effect of inflation of increasing the cost of energy (which kind of inflation does it affect?) Difference between real GDP, nominal GDP, and so forth Underground activity Pull inflation/cost push inflation Monetary policy Supply side policy Which are biggest portions of aggregate demand (consumer spending, government spending,  which?) Examples of expansionary fiscal policy Supply side policy techniques Stagflation  What expansionary monetary policy involves Which policies of these fiscal policies would be supported by conservatives Income transfers                      


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