Review Session

​Review for Quiz 1

By Rachel Shafer

Word Cloud

What topic do you most want to review?

Quiz 1 Quick Facts

• 30-minute, paper-and-pencil quiz during next class

• Closed-book, closed-notes.

• Tests knowledge of Chapters 1, 2, 3, 4, and 6.

• Question types: Multiple Choice, Sorting, Fill-in-the-Blank, Numeric, Short Essay

• Topics Checklist, Practice Quiz, and Practice Quiz Answer Key are available on Canvas

Multiple Choice

Sam has two options this weekend. He could work at his job and earn $8.00 per hour for three hours, or he could go to a sporting event for that three hours. A ticket for the event costs $30. If you include the opportunity cost, how much did the event cost Sam?

• $6

• $24

• $30

• $54

Multiple Choice

Which of the following will cause a rightward shift in the supply curve for chickens?

• Removal of government subsidies for chicken farmers

• A fall in the number of chicken farmers in the market

• An increase in taxes on chickens

• An improvement in the technology used to raise chickens

• None of the other questions are correct.

Multiple Choice

Which of the following would be included in United States GDP?

• You purchase a used car in Detroit, Michigan.

• You pay a barber in Bowling Green, Ohio for a haircut.

• You vacation in Canada, and hire a tour guide there.

• You eat apples from the apple tree in the backyard of your Ohio residence.

• None of the other answers would be included in U.S. GDP

Other Study Resources

Smartwork assignment due tomorrow
Office Hours: Tu 3-4 via Zoom, Wed 3-4 in Maurer Center 345.
SI sessions:
Tu 4 pm, Central Hall 1011
Wed 1 pm, Central Hall 1009
Th 5 pm, Central Hall 1011

Macro News: FOMC meeting

Federal Open Market Committee

"After nine months of standing pat, the Federal Reserve is set to offer some interest rate relief on Wednesday." - Axios.com

Multiple Choice

What was the growth rate of GDP in the most recent quarter?

• 3.3%

• -0.5%

• 2%

• 1.6%