What does it mean to think on the margin? Define marginal analysis.

What is the difference between a good economist and a bad economist, as discussed today in class? Give examples. Why is there a bias toward bad economics in a democracy?

What is the difference between normative and positive economics? What's scientific about economics? Can an argument be valid and not sound? Explain.

What are some synonyms for preferences? What are some synonyms for constraints? (See the movie about preferences and constraints.

Define: Ceteris paribus.

Here is the story on milk prices mentioned today.

Define economics and microeconomics. What two elements are important in any definition of economics?

What is the truth about cats and dogs discussed in class today? The truth about medieval castles?

What are the three factors of production? What is the difference between an economic good and a free good? Define opportunity cost. Why are scarce goods never free (but sometimes zero-priced)?

What is economizing behavior?

The Kennedy Center wants more middle and lower income earners to attend its concerts. What is a good way to achieve this goal, given that individuals economize?

Why haven't CAFE standards worked?

The great social philosopher Gordon Gekko (from the movie Wall Street) said, "Greed is good." What are some of the social advantages of human selfishness, as discussed in class? How might have large amounts of federal money going into New Orleans altered incentives?

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Note on your syllabus that we will be using Scantron Form 882 for each test and final. A copy of it can be seen here. A word to the wise: purchase your Scantrons in advance. The bookstore occasionally runs out by the end of the semester. I do not bring them to class or otherwise make them available to students.