Study Materials for Final Exam - Principles of Economics | ECON 202, Exams of Microeconomics

Download Study Materials for Final Exam - Principles of Economics | ECON 202 and more Exams Microeconomics in PDF only on Docsity! Suggested Study Material for the Final Exam Econ 202 Note: As always this is just a guideline to help you focus in on SOME of the more important topics and issues. The Exam  Approximately 2/3 of the final exam will cover material since the third exam.  The other 1/3 will test you on material covered up until the third exam Strategy for studying Start by studying new material. In particular, make sure you understand Labor Market  what is MRP, how is it calculated, and what affects it? How is MRP used to determine whether or not to hire another worker  What is a reservation wage  What do the demand and supply curves for labor look like and what shifts each curve?  How does SR labor supply differ from LR labor supply?  How does a union work to raise the wage & how does this affect other industries? Inequality:  What are compensating wage differentials? Do these always determine who gets paid more? (no, demand for the good plays a role as well as we can see with the low salary of very talented poets)  How is poverty measured and what are the drawbacks of the poverty rate and measures of inequality?  How do we measure inequality? What is a lorenz curve? What is a gini coefficient?  What are the definitions of and market implications for different types of prejudice?  How does discrimination differ from prejudice. What is statistical discrimination?  What are the factors which lead to income differences? Now that you are familiar with new material, go back and review old material. In particular look over your old exams. Do you understand what you missed on previous exams? This should give you a good review. See also the problems following pages and in the online quizzes for extra practice. Problems on New Material for extra practice: