1. Explain why is a point below the production possibilities curve less efficient than a point on that curve?
2. Discriminate a change in quantity and a change in demand demanded. Calculate the causes of change in demand and quantity demand?
3. Explain the market process that should occur if the price of a product is below its equilibrium price, and then discuss what would occur if the price is above its equilibrium price, assuming that there is no market interference.
4. Find out who is and is not included in the labor force, discuss how the unemployment rate is calculated, and list and explain the major types or categories of unemployment.
5. Calculate the GDP? Discuss the two main methods used to measure GDP. Why is GDP important?