Define command economies. How does the lack of market prices hurt socialist economies? What would happen if I took points away from A students to give to F students, so that everyone would pass this class with a C average?

What are voice and exit? How are they different in the public and private sectors?

"The government should provide goods such as health care, education, and highways because it can provide them free." Is this statement true or false? Explain your answer.

"The economic way of thinking stresses that good intentions lead to sound policy." Is this statement true or false? Explain your answer.

"Positive economics cannot tell us which agricultural policy is better, so it is useless to policymakers." Evaluate this statement.

Which of the following is a positive economic statement?
a. An increase in the minimum wage will reduce employment.
b. The minimum wage should be increased to reduce poverty.
c. Social conscience demands that we increase the minimum wage.
d. Thoughtful people oppose an increase in the minimum wage.

Define the Law of Demand, demand schedule, and demand curve.

Define: substitutes and complements. What are perfect substitutes and perfect complements? How would a change in the price of good A result on the market demand of good B if A and B are complements? Give an example.

Differentiate between changes in quantity demanded and changes in demand. Differentiate between changes in quantity supplied and changes in supply.

What causes the demand curve to shift left or right?

Define: Law of Supply.

True or false: If global warming has the effect of allowing farmers to produce more crops due to longer summers, then the result would be an increase in the quantity supplied of agricultural goods.

What are some factors that affect demand? supply?