Reference no: EM13148103
1. The Midterm Exam is open book, open notes. The maximum time that you can spend in the exam is three hours. If you have not clicked the Submit For Grade button by then, you will be automatically exited from the exam. In the exam environment, the Windows clipboard is disabled, and so you still will not be able to copy exam questions or answers to or from other applications.
2. You should click the Save Answers button in the exam frequently.
This helps prevent connection timeouts that might occur with certain Internet Service Providers, and also minimizes lost answers in the event of connection problems. If your Internet connection does break, when you reconnect, you will normally be able to get back into your exam without any trouble. Remember, though, that the exam timer continues to run while students are disconnected, so students should try to re-log in as quickly as possible! The Help Desk cannot grant any student additional time on the exam.
3. Midterm Exams are closed end of Week 4.
· You will only be able to enter your online Exam one time.
· Click the Save Answers button often.
· If you lose your Internet connection during your Exam, log on again and try to access your Exam. If you are unable to enter the Exam, first contact the Help Desk and then your instructor.
· You will always be able to see the time remaining in the Exam at the top right of the page.
5. Assessments with Multiple Pages:
· Make sure that you click the Save Answers button before advancing to the next page (we also suggest clicking on Save Answers while you are working).
· Complete all of the pages before submitting your Exam for instructor review.
· Do NOT use your browser's Back and Forward buttons during the Exam.
· Please use the provided links for navigation.
6. Submitting Your Midterm Exam:
· When you are finished with the Exam, click on the Submit for Grade button.
· Please note: Once you click the Submit for Grade button, you will NOT be able to edit or change any of your answers.
7. Exam Questions
· There are 50 randomly selected multiple-choice questions, each worth three points, for a total of 150 points.
· There are two short-answer questions worth 25 points each.
· The Midterm Exam covers Weeks 1-3 and includes questions for all TCOs and chapter readings covered during these weeks.
· The Midterm Exam contains two pages which can be completed in any order.
· This means that not everyone will have the same questions. Even if you do have some of the same questions, they may not be in the same order. These questions are distributed amongst the TCOs. The entire exam is worth 200 points.
8. Some of the key study areas are as follows: While these are key areas, remember that the exam is comprehensive for all of the assigned course content and this study guide may not be all inclusive.
· TCO 1
· Opportunity costs
· Capitalism, Communism, and Socialism
· Command Economy, Mixed Economy
· Four factors of production or four economic resources
· Production Possibilities Curve, Production Possibilities Frontier, Law of Increasing Costs
· Circular Flow Model
· Invisible Hand of Adam Smith
· TCO 2
· Market prices based on Demand and Supply
· The Law of Demand, Income Effect, Demand Determinants
· The Law of Supply, Supply Determinants
· Elastic Demand, Inelastic Demand, and Total Revenue
· Elastic Supply, Inelastic Supply
· Compute the price elasticity of demand.
· Income Elasticity of Demand, Normal Goods, Inferior Goods
· TCO 3
· Price Discrimination
· Perfect or Pure Competition
· Monopolistic Competition
· Market Entry Barriers
· Economies of Scale, Diseconomies of Scale
· Price Leadership Model of Oligopoly, Kinked Demand
· Oligopoly Cartel, Collusion
· Fixed Costs (FC), Variable Costs (VC)
· Economic Costs, Economic Profits
· Explicit Costs, Implicit Costs, Accounting Costs
· Marginal Revenue (MR), Marginal Cost (MC), Marginal Product (MP)
· Short-Run and Long-Run
· Shut-Down Point, Short-Run Output Decision
· The Law of Diminishing Marginal Returns
· Profit-Maximizing Firm
9. Areas that were discussed in the threads will be prime targets.
10. Assignments will also be prime targets for revisiting.
11. Reviewing the TCOs will also be a great preparation for the Midterm Exam which I have listed below for your convenience.
1 Given the basic economic problem of scarcity, apply Opportunity Costs, Production Possibilities, and the Circular Wheel of Income to compare and contrast the ways in which capitalism, central, and mixed economic systems answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce, including global environments.
2 Given a supply schedule, a demand schedule, and a change in one or more determinants of supply and demand, graph the supply and demand curves and illustrate the resulting change in the equilibrium price and quantity.
3 Given the costs of production and market-structure characteristics, analyze how the dem functions under (a) perfect competition and (b) imperfect competition. They will each drive a different approach for maximizing profit and allocation of resources.