Final Exam Review


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The Final Examination has 40 multiple-choice questions. The questions on the final are taken from the Margin Notes and presentations.  The following review is comprehensive. That means that if you see it here, you'll see it on the test. If you don't see it here, you're not responsible for it. Good luck on the final. Let me know if you have questions.

  1. Define economics.

  2. factors of production

  3. comparative advantage

  4. What are the three fundamental economic questions?

  5. law of demand

  6. law of supply

  7. business cycle

  8. What does movement along a demand curve indicate?

  9. Of what are prices indicators?

  10. equilibrium

  11. What does an outward shift of the production possibilities frontier illustrate?

  12. circular flow model

  13. determinants of demand

  14. determinants of supply

  15. firm

  16. economic models or theories

  17. marginal analysis

  18. When is an economy efficient?

  19. What are externalities?

  20. Equilibrium price and quantity are determined by the intersection of what?

  21. What is the most valuable resource sold by most households?

  22. price elasticity of demand

  23. elasticity

  24. How stable are tastes according to economists?

  25. What is the economic concept of utility?

  26. What kind of costs represent a firm’s opportunity cost of using its own resources or those provided by its owners without a corresponding cash payment?

  27. What is the objective of a firm?

  28. What is the law of diminishing marginal returns?

  29. Market structure includes what market features?

  30. price taker

  31. economies of scale

  32. What are the features of the monopolistic competition market structure?

  33. fixed cost

  34. interest rate

  35. production function

  36. market power

  37. With public goods, how does one person’s consumption affect the amount available to others? Can those who supply the public good exclude those who do not pay?

  38. What is the US concept of poverty?

  39. How does the US federal government determine the level of income that constitutes the poverty line for a family of a particular size?

  40. reserve transaction account



Copyright 1996 Amy S Glenn    
Last updated:   03/01/2017   0130

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