Again, nothing fancy....
Here they are, the essays for each and every test...Enjoy!
From time to time you will find other helpful test hints, you will want to check in periodically.
I will pick one essay for each Exam.
Chapter One:
1) Explain the three questions an economic system must address in order to allocate resources effectively and tell why these questions must be answered.
2) What is a production possibilities curve? Include in your answer the assumptions on which it is based and the factors that casue it to change. Also explain the difference between a shift in the curve and movement along the curve.
Chapter Two:
1) Briefly discuss the five features of the US free-enterprise system.
2) Describe in detail the six major goals of the US economy.
Chapter Three:
1)Explain the law of demand. Be sure to note how the income effect, the substitution effect, and diminishing marginal utility relate to it.
2) List and describe the five non-price determinants of demand.
Chapter Four:
1)List and describe the determinants of supply.
2) Explain the law of diminishing returns and show how it is illustrated by the total product curve.
Chapter Nine:
1) Outline the five main reasons why people save money.
2) Discuss the factors that influence demand for stock.
Chapter Five:
1) What are the limitations of the price system? Describe and give an example of each.
2) Discuss the two major methods the government uses to intervene in the marketplace. Explain the consequences of each.
Chapter Six:
1) List and describe the four conditions necessary for perfect competition. Explain why these conditions do not exist in real life.
2) Discuss both the legal and illegal ways in which oligopolists determine prices.
Chapter Eight:
1) Describe how the gov't acts against discrimination in the job market.
2) Discuss the similarities and differences in the challenges facing labor unions today and the ones they faced in the past.
Chapter Ten:
1) Define GDP. Fully explain the meaning of each phrase of the definition.
2) Why is continued economic growth important to the UNited States?
Chapter Eleven:
1) Describe the effects that unemployment has on both individuals and on the economy asa whole.
2) List and discuss the five major effects of inflation.
Chapter Twelve:
1) Explain why the gov't has grown throughout the history of the United States.
2) Define privatization and discuss the pros and cons of this practice.
Chapter Eighteen:
1) Describe the wasy specialization ca affect both a nations' economy and its trade.
2) Identify and describe the major barriers to trade.
Enjoy!
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