Questions for Review with Answers
These questions and answers are a supplement. They are not in the book.
If the questions on the following pages are too easy for you, go to Test Questions, which are similar to college exam questions.
Choose a Chapter
1 Its Paradigm – Eighteen Tenets of Economics
2 Its Subject I – Scientific Status. Subdivisions. Models
3 Its Subject II – Homo Economicus
4 Its Tools – Mathematical Economics. Marginal Analysis
5 History of Economics I – Classical Economics
6 History of Economics II – Neo-Classical Economics
7 History of Economics III – Critics of Mainstream Economics
8 Demand Theory I – The Demand Curve and Consumer Behaviour
9 Demand Theory II – Elasticity. Indifference Analysis
10 Supply Theory I – The Supply Curve and Cost Behaviour
11 Supply Theory II – Firm Behaviour
12 Supply and Demand Together – Equilibrium. Total Surplus
13 Competition Theory I – Perfect Competition
14 Competition Theory II – Imperfect Competition
15 Market Theory I – Definition of Markets. Comparative Advantage
16 Market Theory II – Factor Markets. Income Distribution. Wage Theory
17 Governments and the Market I – Market Failure
18 Governments and the Market II – Lack of Equity
19 Governments and the Market III – Taxation
20 Governments and the Market IV – Labour and Social Policy
21 Price and Value Theory – Function and Behaviour of Prices
22 Equilibrium Theory – General Equilibrium. Welfare Economics