1. The exam will be given to you after class on Friday Oct. 2. It is individual work. You are not to collaborate with anyone else, but you can consult any materials we used for the class: books, articles, Zoom recordings, slides, class notes, as well as doing independent research. It's an open-book exam.
2. You will have a week to complete the exam. This process is designed to relieve some of the stress of a timed exam.
3. You will have to answer three or four essay questions with a strict word limit of 150 words. Answers should be direct, with data, evidence, reasons, the why, the how.
4. There will be a graphic to draw and interpret.
5. You will email the completed exam to jbreiner@unav.es by noon on Friday Oct. 9, Pamplona time. There will be no class that day.
6. Again, this work is to be done individually. You are not to collaborate with anyone else. You are on the honor system. I am trusting you to work individually.
7. In class on Monday Oct. 5, I will have an exam review class in which you can ask me to review or clarify some concepts.
The following are some concepts and important people we talked about and read about. You will need to understand many of them to answer the questions on the exam. All of them are in materials we have used for the class.
free delivery
the price of bananas
Command economy
Market economy
Welfare state
Biological needs
Intellectual needs
Macroeconomics
Microeconomics
Normative economics
Model
Assumption
Ceteris paribus
Opportunity cost
Production factors
Land, labor, capital
Positive Economics
Adam Smith and capitalism
The Invisible Hand of the Market
Rational Man
Richard Thaler and Behavioral Economics
Karl Marx, socialism and communism
Plato and the common good
Aristotle and private property
John Maynard Keynes
Fair prices
Supply and demand
Information asymmetry
Monopoly
Natural monopoly
Oligopoly
Marginal revenue
Marginal cost
Tragedy of the commons
Externalities
Scarcity
Cap and trade
risk and return
banks and interest rates
money
elasticity
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