1.  What does utility mean to an economist?
2.  Explain the law of the diminishing marginal utility.
3.  What is the law of demand?
4.  Define the demand curve.
5.  Clearly explain two reasons for the law of demand.
6.  What are the variables in the demand function?
7.  What is a normal good?
8.  What is an inferior good?
9.  What are complements?
10. What are substitutes?
11. What is the law of supply?
12. Define the supply curve.
13. Clearly explain two reasons for the law of supply.
14. What are the variables in the supply function?
15. What is equilibrium?
16. What is a shortage? Show this on a graph.
17. What is a surplus? Show this on a graph.
18. According to John Stossel, why can greed be considered good?
19. What is the relationship between greed and economic coordination?
20. What are price controls?
21. What is a price ceiling?
22. What is a price floor?
23. What are the unintended consequences of minimum wage laws
    (according to supply and demand analysis)?
24. What are the unintended consequences of rent control
    (according to supply and demand analysis).
25. Carefully explain what market do.
26. What is economic calculation?
27. With respect to the graphs: Always LABEL axes correctly. Be prepared to be able to answer what will happen to equilibrium price and quantity when the supply and demand curves shift. The questions on the exam will be similar to the homework questions.