Macro – Final Quiz (take home style)

Macro – Final Quiz (take home style)
Short essay – 10 point each
1.    Describe and graph the result when a current price proves higher than the equilibrium price.
2.    State the difference in behavior between a Normal Good vs. an inferior good.
3.    Summarize the concept of efficient Allocation.
4.    If a supply curve for a product shifts to the left, grapgh and summarize the resulting effects. What will happen at the cureenet market price?
5.    What’s the result of a supply-side market failure, and how do they usually occur?
6.    Summarize the concept of Consumer Surplus.
7.    Describe the characteristics of a Public Good
8.    Explain what is meant by a “Sticky Price”.
9.    What components keep us from double counting with GDP (Gross Domestic Product)?
10.    Summarize the Expenditures Approach to GDP.

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