Remember, we will be taking our tests now using Scantrons. Be sure to bring this one to each test. If you do not bring one, you will not be allowed to take the test.

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. How many of the following "goods" do you think conform to the the general law of supply? Explain your answer in each case.
a. gasoline
b. cheating on exams
c. political favors from politicians
d. the services of heart specialists
e. children
f. legal divorces

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?

Which of the following do you think would lead to an increase in the demand for beef?
a. higher pork prices
b. higher consumer income
c. higher prices of feed grains used to feed cattle
d. widespread outbreak of mad cow or hoof-and-mouth disease
e. an increase in the price of beef