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The Final Examination has 40 multiple-choice questions. The questions on the final are taken from the textbook and the online materials. 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. In terms of opportunity cost, ___ is the ultimate constraint.

2. production possibilities frontier (PPF)

3. economic concept of demand

4. Crude oil is considered which kind of resource?

5. Since goods are scarce, what can we say about our ability to have them?

6. ceteris paribus

7. positive economics

8. normative economics

9. opportunity costs

10. What are the causes of movement along a demand curve?

11. utility

12. natural monopoly

13. Which sources of government revenue are based on the individual's ability to pay?

14. price elasticity of demand

15. What is the relationship between slope and elasticity?

16. What is the difference between explicit costs and implicit costs?

17. What is the difference between accounting profit and economic profit?

18. When marginal product begins to decline, what happens to the total product?

19. What are the features of perfectly competitive markets?

20. price taker

21. Firms that seek to maximize profits will choose the level of output where the difference between total revenue and total cost is ___.

22. Marginal revenue in perfect competition equals ___.

23. The firm should shut down in the short run if price equals the minimum point of ___.

24. When perfectly competitive firms are making economic profits, what happens next?

25. Productive efficiency is achieved when ___.

26. Allocative efficiency is achieved when ___.

27. Why is marginal revenue less than price for a monopolist that does not perfectly price discriminate?

28. Total revenue for a monopolist is at a maximum when ___.

29. What is the fundamental difference between a monopoly and a firm in perfect competition?

30. What are the requirements for price discrimination?

31. What are the characteristics of monopolistic competition?

32. In what ways can sellers differentiate their products?

33. What are the sources of an oligopoly?

34. How do firms in a cartel increase profits?

35. corporation

36. Mergers accomplished by acquiring the assets of another company were restricted by what act?

37. social insurance program

38. The work disincentives associated with welfare are due to ___.

39. What country is the United States’ largest trading partner?

40. How does an import quota differ from a tariff?

Copyright © 1996 Amy S. Glenn
Last updated: 03 February 2012