1. What "bubble" in the late 1990's to early 2000's significantly increased productivity growth in the US?

2. What is a market with only a single buyer called?

3. Suppose you have an asset that is worth $100 in 2017 and the market interest rate is 2.7%. What is the asset's value in 2018?

4. What two variables are always equal for a profit maximizing firm?

5. People consume more of this type of good as the price rises. Ans: Giffen good

6.Suppose the component supplier offers a discount of 2% on the purchase price if orders are placed in units of 1000. Is the discount worth accepting?

7.Define marginal utility, total utility, and diminishing utility with diagrams.

8.Identify the differences between private, common, and public goods.

9.Describe the relationship between productivity and the different costs of production. 10.Describe the various market structures, their characteristics, and the effects of each structure in relationship to the market.

11.Identify the differences between economic and accounting profit.

12.Explain discrimination in the labor market.

13.Since the 1980s, Wal-Mart stores have appeared in almost every community in America. Wal-Mart buys its goods in large quantities and, therefore, at cheaper prices. Wal-Mart also locates its stores where land prices are low, usually outside of the community business district. Many customers shop at Wal-Mart because of low prices. Local retailers, like the neighborhood drug store, often go out of business because they lose customers.

14.Explain what is meant by the discounting approach to investment appraisal, and contrast this to more ad hoc methods such as payback. Show that there may be circumstances where information is inadequate for discounting, and where other methods more adequately reflect the firm's objectives. Finally discuss the empirical evidence (which seems to point to the use of other methods in smaller companies, but that discounting is increasingly used by large corporations).

15.Consider product X. If the price of product X increases from $2 to $3, and the quantity demanded of good X decreases from 20 to 10, what type of elasticity does product X exhibit?

16.A perfectly competitive firm faces an average variable cost of $8. The price of the market is $6. What should this firm do to maximize profits?