Unit Two Test

6 04 2011

For this test, you will be required to answer one understanding question and one normative question.  There will be one other question not given in advance.

Understanding Questions

  1. Explain, using concepts covered in class, why gas prices have increased lately.
  2. Would you rather be a farmer or the owner of a restaurant?  Use concepts covered in this unit to support your decision.

Normative Statements

  1. The price that people pay for goods is fair.
  2. The best market structure for a company to operate in is an oligopoly.

Feel free to use the comments section of this post to discuss the questions prior to the test.

 

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5 responses

7 04 2011
Kiruban

Is this test including Elasticity, Marginal Utility, Firms and Demand and Supply?

7 04 2011
Kiruban

Is the normative statement on pricing related to rational behavior like in our journals?

7 04 2011
Alexei Goudzenko

will there be statements to correct like the first test

7 04 2011
Sid

kiruban yess all that is included…basically whatever we have done starting from elasticity of demand and supply till now! its all included 🙂

7 04 2011
Sid

Alexie ms.cuttle already told us the format. Pay attention dude! lol

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