Description
Using a Q&A format for the Paper is acceptable. Save your paper as a (.rtf) rich text format and submit. In preparing the paper you should answer all (20) questions and restate the question and follow it with your response. I recommend using your textbook to help you complete this assignment. Always list your works cited. 1. Define economics. 2. Describe what is meant by an opportunity cost and give some examples. 3. Define the law of demand and the law of supply. 4. Explain the impact of a price ceiling and a price support. 5. Define the concept of price elasticity of demand. 6. Distinguish between explicit and implicit cost. 7. List the characteristics of competitive market environments. 8. List the characteristics of the monopoly. 9. List the characteristics of the monopolistically competitive and oligopoly markets. 10. Describe what is meant by the poverty line and some causes of poverty. 11. Define the Gross Domestic Product and how it is measured. 12. Define what is meant by a business cycle. 13. Define inflation and explain how it is measured. 14. Define fiscal policy and its purpose. 15. Describe the difference between a progressive tax and a regressive tax. 16. List the three stages in the Federal Budgetary Process. 17. Define money and list the functions of money. 18. Define the concept of Required Reserves and the Required Reserve Ratio. 19. Identify the determinants of international trade flows. 20. Describe the relationship of international trade and its impact on both developed countries and developing countries.
