Economics 2106H - Principles of Price Theory
Midterm 2 Information Page
David B. Mustard

Last Updated 4/5/2018: This is the final update.

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Midterm Grading Policy
You are required to take the midterms unless you have some justifiable excuse, such as a personal illness or family emergency. If a student has an emergency and will be unable to take the midterm at the assigned time, you should talk to me as soon as possible--before the midterm. After discussing your situation I may permit a make-up exam. Each student will be permitted at most one make-up exam during the semester. In the event of a make-up exam, students are forbidden from either providing or receiving information about the exam. Students who violate this will receive a score of "0" for that midterm.

Content: The test will cover readings and lectures from Tue. 2/13 through Tues. 4/3. See the course outline for details. I try to emphasize on exams the things I emphasize in the lectures and readings.

    The questions that will be primarily drawn from the following broad topics. Because some questions overlap sections, there is no way to perfectly allocate points to individual sections. Therefore, this is best viewed as a guide for allocating your time rather than a precise contract of how questions will be asked. The tenative assignment of points follows:

    7. International Trade (Chapter 9):                                            14 points
    8. Markets: Strengths and Weaknesses (Chapters 10 and 11)     14 points
    9. Consumer Choice (Chapter 21)                                             28 points
    10. Production Possibilities and Gains from Trade (Chap 3)       9 points
    11. The firm in competitive markets (Chapter 13)                     10 points

    The test will have about 75 points. The number of points will be listed next to each questions. You will have 75 minutes to complete the exam. 

    1) Print out web outline and go through the topics systematically. This will also help you target your reading.
    2) Think before you write. It is to your benefit to outline the answer before writing it out in detail.
    3) Be clear and organized--reduce the transactions costs of grading.
    4) Answer the question that is asked.
    5) If there are subsections to a question, arrange your answers by subsection.

During exam:

    You can write directly on the question sheet and will not need additional paper.
    You may bring a calculator.

Types of questions I could ask:
    1) T, F, U & Explain: I make an assertion and you must indicate whether it is true, false or uncertain and explain why. Most of the points are given for your explanation, not your answer about whether it is true or false.
    2) Analyzing Markets
    3) Be able to answer questinos with numbers, graphs, and words
    4) Questions from readings - you should be able to provide a coherent overview of the main arguments from the readings.
    5) Extensions of ideas and principles we discussed in class.
    6) Multiple Choice

    If you would like your test to be regraded, please submit to me your exam and a note that explains why you believe your test was miscored. All requests for regrading must be received no more than one week from the day I return your exams.