4-SEP-2007 - Test: o 30 questions on the test. o Multiple...

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Test: o 30 questions on the test. o Multiple choices: a, b c, d. o Bring pencil. o Bring calculator. Topics: o Diamond-water paradox (3 questions). o Trends in U.S. agriculture (2 questions). o Agrarianism (1 question). o The definition of economics (2 questions). o Marketing (1 question). o Types of business organizations (2). o Opportunity costs (2). o Demand and supply (2). o Change in quantity demanded vs. change in demand (1). o Price elasticity of demand (8). o Cross price (1). o Income elasticity of demand (1). o Indifference curves (2). o Budget line (1). o Equilibrium (1). Diamond-water paradox: o Value lies in the margin – successive units of an identical commodity do not necessarily create equal amounts of utility.
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o That is the reason why the honeymooners come out of the room. o Everything depends on what unit – the first or the last units are completely different.
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4-SEP-2007 - Test: o 30 questions on the test. o Multiple...

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