Test Questions with Answers
These questions and answers are a supplement. They are not in the book.
On the following pages you find chapter-by-chapter sample test questions and problem sets that are frequent in midterm or final exams. If you find the questions on this page too difficult, go first to Questions for Review, which are much easier and quite helpful in preparing for the Test 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