Problem 1. List and briefly define the three types of business firms.
Problem 2. Define the four types of investments.
Problem 3. Explain how statistics on unemployment are figured.
Problem 4. Define and explain the law of diminishing marginal utility.
Problem 5. Define consumer surplus.
Problem 6. Explain the one thing, regarding the role of the government that separates classical economic theories and Keynesian economic theory.
Problem 7. Explain why the following activities are not included in the measurement of a countrys economic well-being: household production, illegal production, leisure time.
Problem 8. Define each of the following: budget deficit, budget surplus, balanced budget.
Problem 9. Define each of the following: perfect competition, monopoly, monopolistic competition, and oligopoly.
Problem 10. Define the term stagflation.