Microeconomics
1. Regular Economics Exam
2. Definition of economics
3. Four factors of production
4. Fundamental questions (3) that economist ask (Beginning of semester)
5. Definition of opportunity cost
6. Understand scarcity and wants
7. What are the assumptions of the PPF
8. What are the components of a market?
9. What are the factors that determine demand?
10. What is the market equilibrium?
11. What is the difference between a price floor and price ceiling?
12. Slope of an elasticity coefficient along a perfect elastic and inelastic demand
curve.
13. Definition of diminishing marginal returns
14. What is the difference between a progressive tax and regressive tax?
15. What is the difference between an implicit cost and explicit cost?
16. What is the difference between tax avoidance and tax invasion?
17. Define accounting profits and economic profits.
18. Define inferior good and normal good.
Personal Finance
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2.
3.
4.
What is collision?
What describes your rights to check your credit history for accuracy?
What is a pension?
What are the taxes that are taken out of your total pay?
5. What is the relationship between risk and return?
6. What is an example of identity theft?
7. What does SMART stand for?
8. What are reasons to improve credit score?
9. How many times a year can you check your credit report for free?
10. If you earned a a 4 yar degree, how much more money could expect to that if
you only had a high school diploma? Answer: 70% more.
Macroeconomics
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2.
3.
4.
5.
6.
7.
What is a primary use for national income accounting?
What does GDP stand for?
What are final goods? Intermediate goods?
How do you calculate GDP
What is the difference between Real GDP and nominal GDP?
How do you define economic growth?
What is inflation?
8. What is the difference between expansionary fiscal policy and contractive
fiscal policy?
9. What is the difference between demand pull and cost pull?
10. What are the four types of unemployment?
11. What is the difference between monetary policy and fiscal policy?
12. What is the formula for total expenditures?
13. What is the difference between a recession, trough and a recovery?
14. What is the multiplier effect?
15. What is the business cycle?