1. Define economics
2. Describe the factors of production
3. Describe how people make decisions at the margin
4. Describe a scatterplot and a histogram
5. Describe opportunity cost
6. Draw and describe a PPF (increasing costs in it)
7. Describe and draw graph of diminishing returns
8. Describe positive and normative economics
9. Describe an economic model
10. Does correlation imply causation, explain.
11. Describe positive and negative correlation and r-squared.
12. What is the future value if $800 is invested at a 6% annual interest rate for 29 years?
13. What is the present value of 4 million dollars given to you in 26 years using an annual discount rate of 7%?
14. If you received 18 out of 26 on multiple choice and this is 20% of test grade, and you received 72 out of 80 on essay and this is 80% of test grade, what is your final % grade?