Study Guide for the Second Midterm:  Chapters 23-26

The Midterm will be about
One third vocabulary
One third multiple choice questions- many of them from the homework or quizes
One third will be short answer, graphing or essay including:
 

1. Matching commodities to national accounting categories
2. Calculating consumer price index
3. Use graphs to show the impact of changes in public policy regarding taxes or tax credits on the equilibrium interest rate and quantity of loanable funds
4. Essay- For example one of the four following:

 1. Human capital vs physical capital
      How are they different?
      What do they have to do with economic growth

Or 2. How do we measure worker productivity?

Why is worker productivity important to a nation?
What causes it to grow?

Or 3. Why are savings and Investment important to economic growth?

Or 4. We need resources in order to grow.

Very briefly: What is Malthus’ argument that population growth will result in resource and food shortages?
Why do some economists believe that resource shortages will not be an issue in economic growth?

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