ࡱ> @BAy bjbjEE 4('',f%+++++ % % % % % % %\') % %++ %++ % %r#T$+nv&)#$6%0f%$*?f*$*$Pv|TD % %f%* : Economics Study Guide 2007 Semester Exam Mr. Gregg Mr. Crawford Dr. Partykevich Structure: 80 multiple choice questions (1/2 point each = 40 points) 12 supply & demand determinant graphs (must show shift) (2 points each = 24 points) 9/12 short answer questions (4 points each = 36 points) Total 100 points Unit 1: Fundamental Economic Concepts Scarcity vs. shortage Needs v. wants Basic economic questions Factors of production Specialization Circular flow of economic activity Factor markets v. product markets Adam Smith Trade-offs v. opportunity costs Production possibilities frontier Traditional Economy (examples, advantages & disadvantages) Centrally Planned Economy (examples, advantages & disadvantages) Market Economy (examples, advantages & disadvantages) Free enterprise system (definition, synonyms, characteristics, goals) Role of entrepreneur (in free enterprise system & US economy) Role of consumer (in US economy) Role of government (in free enterprise system) US economic system (modified private enterprise/mixed economy) Sole proprietorship (characteristics, advantages & disadvantages) Partnership (characteristics, types, advantages & disadvantages) Corporations (characteristics, structure, advantages & disadvantages, regulator) Horizontal mergers Vertical mergers Conglomerates Unit 2: Microeconomics Demand Demand schedule Demand curve Law of demand Diminishing marginal utility Determinants of demand How to illustrate a shift in demand Is an item elastic or inelastic? Determinants of demand elasticity Supply Supply curve Market supply curve (what could change it?) Law of supply Determinants of supply How to illustrate a shift in supply Equilibrium Market equilibrium Market structures Perfect competition (definition, necessary conditions, examples) Imperfect competition Monopolistic competition (definition, characteristics, examples) Oligopoly (definition, characteristics, examples) Monopoly (definition, characteristics, types, examples) Profit maximization Causes of market failures (externalities) Sherman Anti-trust Act Unit 3: Macroeconomics: Institutions Functions of money Characteristics of money Short Answer Questions (5 points each = 45 points) Answer 9 of the following questions. Be sure to answer the questions completely. 1. What is the difference between a factor market and a product market? Explain how these markets are dependent on each other. 2. Compare a command economy to a market economy by explaining a strength and a weakness of each. 3. What is the difference between commodity money and fiat money? Why do people accept fiat currency in trade for goods and services? 4. What does Adam Smith believe to be the driving force in a free market economy? Explain. 5. Describe three of the four conditions necessary for perfect competition to exist. 6. What are the differences between an oligopoly and monopolistic competition? Give an example of each. 7. Discuss two different things the government has done to limit the power of monopolies. 8. Explain the differences between a general partnership, limited partnership and a limited liability partnership. 9. Define the two main types of merger. Give an example of each. 10. Discuss the differences between the three types of business organizations by listing one advantage and one disadvantage of each. 11. What are some of the advantages and disadvantages of a multinational corporation? Define the three economic goals that a free enterprise system wants to achieve? How do traditional economies discourage new ideas for improving the economic well-being of the people? 14. Discuss three of the economic goals most economies try to achieve? 15. Why is it important for money to be durable and in limited supply? +45BS]^_a~   % / 7 8 9 _ `  ϭץϚ{k *h><h?CJOJQJaJh?>*CJOJQJaJ"hJtzh?5>*CJOJQJaJhdRhJtzOJQJhJtzOJQJh0OJQJhJtzh?5OJQJhJtzh?5>*OJQJh?OJQJhOJQJh5>*CJOJQJaJ"hJtzh?5>*CJOJQJaJ#+5BRS^_% 8 9 _ ` v   3 U  & Fgd?gd?$a$gd?$a$gd?  M  \   ! 8 9 @ P ] k  F & Fgd?gd? & Fgd?  ! 7 8 9 EFST<=>?kmŵ㥘{ŵl_R_Bh?B*OJQJ\^Jphh05B*\^Jphh?5B*\^Jphhph?CJOJQJaJ *hihP9CJOJQJaJ *hP9CJOJQJaJ *h?CJOJQJaJ *hih?CJOJQJaJhJtzh?5CJOJQJaJ"hJtzh?5>*CJOJQJaJhJtzCJOJQJaJh?CJOJQJaJ *h;>h?CJOJQJaJFTkX>?Rklm*$1$7$8$H$^gd? & Fgd?gd? & Fgd?OUs>^kklκκxth"hBth?CJOJQJaJh@h?>*CJOJQJaJh?CJOJQJaJhB*^JphhSh?B*^Jphh?B*^Jphh@B*^JphhSh?B*^Jphh?B*OJQJ\^Jph'h?h?5B*OJQJ\^Jphst]^z{JKk#$ & Fd*$7$8$H$gd?$d*$7$8$H$gd? $*$7$8$H$gd?#klgd? $*$7$8$H$gd?$d,*$7$8$H$gd?21h:p?/ =!"#$% b 2 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~PJ_HmH nH sH tH L`L ?Normal$CJOJPJQJ_HaJmH sH tH DA D Default Paragraph FontRiR  Table Normal4 l4a (k (No List PK![Content_Types].xmlj0Eжr(΢Iw},-j4 wP-t#bΙ{UTU^hd}㨫)*1P' ^W0)T9<l#$yi};~@(Hu* Dנz/0ǰ $ X3aZ,D0j~3߶b~i>3\`?/[G\!-Rk.sԻ..a濭?PK!֧6 _rels/.relsj0 }Q%v/C/}(h"O = C?hv=Ʌ%[xp{۵_Pѣ<1H0ORBdJE4b$q_6LR7`0̞O,En7Lib/SeеPK!kytheme/theme/themeManager.xml M @}w7c(EbˮCAǠҟ7՛K Y, e.|,H,lxɴIsQ}#Ր ֵ+!,^$j=GW)E+& 8PK!Ptheme/theme/theme1.xmlYOo6w toc'vuر-MniP@I}úama[إ4:lЯGRX^6؊>$ !)O^rC$y@/yH*񄴽)޵߻UDb`}"qۋJחX^)I`nEp)liV[]1M<OP6r=zgbIguSebORD۫qu gZo~ٺlAplxpT0+[}`jzAV2Fi@qv֬5\|ʜ̭NleXdsjcs7f W+Ն7`g ȘJj|h(KD- dXiJ؇(x$( :;˹! I_TS 1?E??ZBΪmU/?~xY'y5g&΋/ɋ>GMGeD3Vq%'#q$8K)fw9:ĵ x}rxwr:\TZaG*y8IjbRc|XŻǿI u3KGnD1NIBs RuK>V.EL+M2#'fi ~V vl{u8zH *:(W☕ ~JTe\O*tHGHY}KNP*ݾ˦TѼ9/#A7qZ$*c?qUnwN%Oi4 =3ڗP 1Pm \\9Mؓ2aD];Yt\[x]}Wr|]g- eW )6-rCSj id DЇAΜIqbJ#x꺃 6k#ASh&ʌt(Q%p%m&]caSl=X\P1Mh9MVdDAaVB[݈fJíP|8 քAV^f Hn- "d>znNJ ة>b&2vKyϼD:,AGm\nziÙ.uχYC6OMf3or$5NHT[XF64T,ќM0E)`#5XY`פ;%1U٥m;R>QD DcpU'&LE/pm%]8firS4d 7y\`JnίI R3U~7+׸#m qBiDi*L69mY&iHE=(K&N!V.KeLDĕ{D vEꦚdeNƟe(MN9ߜR6&3(a/DUz<{ˊYȳV)9Z[4^n5!J?Q3eBoCM m<.vpIYfZY_p[=al-Y}Nc͙ŋ4vfavl'SA8|*u{-ߟ0%M07%<ҍPK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 +_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!Ptheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] (   F# 8@0(  B S  ?vR vR vdR vQ v YMvLYMvYMvYM9*urn:schemas-microsoft-com:office:smarttagsplaceB*urn:schemas-microsoft-com:office:smarttagscountry-region8*urn:schemas-microsoft-com:office:smarttagsCity  ^ i  3+A_a~  %./89U  !ESTkXkkmm ] ^ +A_a~  ./  ESkkmm ] ^ R ,BANI}@ _5Vd \^`\o(. 88^8`hH. L^`LhH.   ^ `hH.   ^ `hH. xLx^x`LhH. HH^H`hH. ^`hH. L^`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHAN}_5VR /                                    ,|L`i0;>Jtz@LK?><P9"@x@UnknownG*Ax Times New Roman5Symbol3. *Cx ArialE.Berlin Sans FB;(SimSun[SO;Wingdings?= *Cx Courier NewACambria Math"hhrfhrf2 2 !242QKX ?`2!xx*Economics Study Guide  2006 Semester ExamAndre partykevich Berkeley User    Oh+'0hx  $ 0 <HPX`,Economics Study Guide 2006 Semester ExamAndre partykevichNormalBerkeley User2Microsoft Office Word@_@`;&@`;&2 ՜.+,0, hp  Berkeley Preparatory School +Economics Study Guide 2006 Semester Exam Title  !"#$%&'()*,-./012456789:=Root Entry F;/v&?1Table*WordDocument4(SummaryInformation(+DocumentSummaryInformation83CompObjy  F'Microsoft Office Word 97-2003 Document MSWordDocWord.Document.89qRoot Entry F{&E@1Table*WordDocument4(SummaryInformation(+  !"#$%&'()*,-./012DC$, DocumentSummaryInformation8CompObjy  F'Microsoft Office Word 97-2003 Document MSWordDocWord.Document.89q՜.+,D՜.+,p, hp  Berkeley Preparatory School +Economics Study Guide 2006 Semester Exam Title4