EXAM 1 REVIEW
36 multiple choice questions from ch. 1, 2, & 3
One short answer essay
One must-do problem
1 choice problem (@8 points each)
Essay: Be sure to know the economic perspective.
Must-do problem: From C
ECON 2301- SU 2016
Textbook: Mc Connell, Brue and Flynn
Principles of Macroeconomics, 20th ed.
Special Materials, Supplies, Equipment, and Fees
Scantrons 882 -E. You will need 4 of these.
Always have a calculator, pencil, eraser
Which best expresses the law of demand?
a) A higher price reduces demand
b) A lower price reduces demand
c) A higher price reduces quantity demanded
d) A lower price shifts the demand curve to the right
Which will not cause supply to increase
Quiz # 1
Economics is primarily the study of:
how firms manipulate prices
how government influence resource allocation decisions
the problem of scarce resources relative to human wants
Macroeconomics mainly focuses upon:
a) the economy a
The "command system" is also known as:
b) the market system
c) socialism or communism
d) the political system
Competition is characterized by
a) a wide variety of prices at which to buy a product
b) freedom of buyers to enter or