1.With the use of a graph illustrate what a surplusis

2.Explain the relationship between Diminishing Marginal Utility and the Demand Curve.

3.Explain the relationship between Diminishing Returns (or increasing Marginal Cost) and the Supply Curve.

4.Explain what happens to the Supply Curve when Economic Profits are above normal. Below normal.

5.If there are no externalities or market power and all markets are in equilibrium, what conclusions can we draw from this in economic theory?

6.Describe the relationship between Allocative and Productive Efficiency

7.Outline the evolution of money from earliest times to the present commenting on the reasons that led from one level development to the next.

8.Explain why the increasing cost PPF bows out from the origin.

9.Discuss some of the problems Economics faces as a science.

10.List and discuss two basic models used in both Micro and Macro economics.