Economics test.

Final Exam Topic List:

For graphing problems, be prepared for the following:

PPFs

• Straight-line

• Curved

• Changes

• Trade

• Opportunity costs

Supply and Demand

• Change in supply

• Change in demand

• Change in both

• Elasticity

• Price floors/price ceilings

• Consumer/producer surplus/dead weight loss

• Trade, quotas and tariffs

Money Supply – Money Demand

• Change in supply

• Change in demand

ISLM

• Changes in LM (MS or P)

• Changes in IS (C, I, G, NX including things like taxes & autonomous consumption)

• Outcome for r, Y, C, I, P, Unemployment

• Liquidity Trap and differences

ISLM with ASAD (MORE of these than anything else)

• Short run outcomes

• Long run outcomes (compared to initial equilibrium)

• Policy recommendations

• Outcome combined with policy recommendations (both short run and long run)

• Changes in Y, r, P, C, I, Un, Pe – know the formulas!

Also be prepared for anything on the topic list for midterm 1 and midterm 2.

Best sources for review:

• Midterm 1

• Midterm 2

• Posted Class notes, recitation notes and zoom lecture material