Macro Learning Objectives for questions over Exam 1 Form A

 

FALL/SPRING/SUMMER

PCM

 ECON 2302 MICROECONOMICS   

Chapter 3

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. The numbers in the list refer to the question number on Exam 1 that will test your knowledge of that specific learning objective. You will also find a reference to the page numbers in the textbook, Microeconomics, Explore & Apply: Activebook Version 2.0 where the substance of each question is explained. A much better understanding can often be attained by working through the "active graphs" and "smart graphs" connected to many of these objectives in the online material.

 

  After reading this chapter, you should be able to:

  1. Discuss “the law of demand” by word, table, and graph. Pages 34-35
  2. List the variables that shift the demand curve and explain why they do so; and explain the income and substitution effects. Pages 35-37
  3. Explain the difference between “demand” and “quantity demanded,” “increase (or decrease) in demand” and “increase (or decrease) in quantity demanded,” “shift of the demand curve” and “movement along the demand curve.” Pages 35-36
  4. Discuss “the law of supply” by word, table, and graph. Page 38
  5. List the variables that shift the supply curve and explain why they do so. Page 41
  6. Explain the difference between “supply” and “quantity supplied,” “increase (or decrease) in supply” and “increase (or decrease) in quantity supplied,” “shift of the supply curve” and “movement along the supply curve.” Page 40
  7. Explain how we can use the concepts of market supply and market demand to determine equilibrium price and equilibrium quantity. Pages 43-44
  8. Define and explain the concepts of surplus, and shortage in the context of market supply and market demand. Page 45
  9. Specify how demand and supply shifts cause market equilibriums to change and how simultaneous changes to supply and demand cause market equilibriums to change. Pages 45-47
  10. Discuss how vouchers use competition to improve the quality of schooling. Pages 48-51