275.What is a brief definition of economics? What are the conditions that give rise to this definition?

276.What are the key economic concepts that pertain to the individual?

277.What are the key economic concepts that pertain to interactions among individuals?

124.Does big government equal bad government? Discuss?

238. What is the significance of a price elasticity of demand that is equal to 2?

220. What are the four dimensions of the typical consumer's situation?

247. Why does a perfectly competitive firm not charge a price above the market price? Why does it not charge a price below the market price?

127. "The long-run industry supply curve in a constant-cost industry graphs is a horizontal line." Explain.

285. What are the major barriers to entry that explain the existence of monopoly?

138. What are the major features of monopolistic competition compared to perfect competition and monopoly?

177. What are the basic characteristics of oligopoly? How does oligopoly compare with the other market structures?

139. "Perfect competition or monopoly industries will tend to be one-price industries. Monopolistic competition, however, is a multiprice industry". Explain.

140. How does economic rivalry take place in monopolistic competition? Describe the different aspects of product differentiation and price competition.

104. Evaluate. Under Canada's Competition Act, monopolies and mergers are illegal.

241. What are four significant reasons for studying resource pricing?

229. What do "wages" and "wage rates" mean in economics? How do they differ from labour earnings?

140. What determines the economic rent for land? Explain from a supply and demand perspective.

141. "Buy land. They ain't making any more of the stuff". What is the relevance of Will Rogers' quote to the economist's use of the term "rent"?

142. David Ricardo, a nineteenth century economist, wrote "The price of corn is not high because a rent is paid, but a rent is paid because the price of corn is high". Explain this statement in the context of supply and demand.

143. What is the relevance of the incentive function of price to the market for land?

144. What explains differences in the economic rent charged for two plots of 500 acres of land that are used for growing corn and located in the same county of a province?

145. What is the difference between society's view and an individual firm's view of economic rent?

146. Why is land rent a "surplus payment" from the perspective of economists?

230. What is the difference between nominal and real wages?

231. What factors explain the high level of productivity in Canada?

232. Explain the long-run relationship between real hourly earning and productivity.

233. Evaluate. There is no difference between the labour supply curve for the single competitive firm and the supply curve in a competitive market for labour.

242. Why aren't the tools of product market analysis directly applicable to the resource market?

243. Why is the demand for resources called a "derived" demand? On what two factors does the strength of the demand for resources depend? How are these two factors related?

244. Why is the marginal revenue product schedule a demand schedule for the individual firm in a purely competitive resource market and selling output in a purely competitive product market?

105. Describe the three types of mergers and give examples.

106. What has been the general approach to the enforcement of competition legislation based on the type of mergers?

141. What are types of firms that exemplify monopolistic competition?

142. How are monopolistically competitive industries identified with concentration ratios?

286. What is the relationship between economies of scale and a natural monopoly?

287. In what ways, if any, do the demand schedules for a purely competitive firm and a monopolist differ? What significance does this have for the price-output behaviour of each?

288. Why is marginal revenue less than price for every level of output except the first?

289. The demand for a monopoly is P = 80 - 0.2QD. At what output level would the monopoly maximize total revenues? What is the firm's marginal revenue?

128. What is the relationship between the long-run supply curve in a constant-cost industry and elasticity?

129. Describe the graph for a long-run supply curve in an increasing-cost industry. Why does it have this slope?

130. Describe the graph for a long-run supply curve in a decreasing-cost industry. Why does it have this slope?

131. What economic conditions are necessary to achieve productive and allocative efficiency under perfect competition?

248. What is the difference between average, total, and marginal revenue? What is the shape of the total and marginal revenue curves for the individual competitive firm?

249. Why does price equal marginal revenue for the perfectly competitive firm? What is the relationship to the demand curve for the firm?

221. Explain the utility maximizing rule for two products in words and using algebra.

222. Evaluate. Given a choice between two products, the consumer would choose to buy the product with the lower price.

223. Evaluate. Given a choice between two products, the consumer would choose to buy the product with the higher marginal utility.

239. What is the significance of a price elasticity of demand that is equal to 0.4?

240. What is the significance of a price elasticity of demand that is equal to 1?

241. What is the significance of a price elasticity of demand that is infinite?

278.What are the key economic concepts that pertain to the economy as a whole?

120. Explain what is meant by a command economy.

121. Explain the term "laissez-faire" capitalism.

122. List nine characteristics of the market system.

123. Why is the right of private property an essential characteristic of a market system?

136. What is the meaning of Market Failures and how do the Demand and Supply curves cause such failures?

137. What is consumer surplus?

138. How is consumer surplus derived from a demand curve?

139. Draw a market demand curve and indicate the following:

(a) The market price;

(b) The quantity demanded;

(c) The maximum amount that buyers are willing to pay for the quantity demanded;

(d) The actual amount that buyers must pay for the quantity demanded;

(e) The consumer surplus from obtaining the quantity demanded.