Welcome to the exam on beginning Economics. This exam is published separately from the course. There are two exams. Each exam has 50 multiple choice based questions. You must score at least an 80% to pass. You may take the exams as many times as you wish.

Some of the topics covered in this exam include:

Supply and Demand

Aggregate supply

Aggregate Demand

Supply and Demand curves

Theory of Value

Pareto Principle

Pareto Optimality

Macro-economics

Micro-economics

Economies of Scale

Consumerism

Capital Goods

Consumer Goods

Protectionism

Porter's Five Forces

Gini Coefficient

Labor and Capital

Major Product of Labor

Price Elasticity Demand

Government Regulation

Interest Rate

Banking

Surplus

Consumer Surplus

Deficit

Diamond-water paradox

Shortage

etc.

Some of the economists mentioned in this exam include:

Keynes

Say

Hayek

Ricardo

Adam Smith

Milton Freidman

other economists include:

Stiglitz

Krugman

Ludwig Von Mises

Schumpeter

and the major schools of economic thought.

Chicago School

Austrian School

Stockholm school

etc.

There is little math involved in this exam, however there are some questions that will require you to use basic algebraic functions.

The structure of this exam is multiple choice, true or false, select all that apply, fill in the blank and there are at least a couple of diagrams where you are expected to analyze and respond correctly to the question.

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