MBA 505 Review Topics

Review topics are subject to change without notice.

Test 1
1.  Scarcity
2.  Positive v. normative economics
3.  Micro v. macro
4.  Opportunity cost/marginal opportunity cost
5.  Changes in demand (supply) v. changes in the quantity demanded (supplied)
6.  Normal v. inferior goods
7.  Substitute v. complementary goods
8.  Comparative statics
9.  Circular flow model
10.  Production possibilities frontier
11.  Price floors v. price ceilings
Test 2
1.  GDP v. GNP
2.  Compounded growth
3.  Y = C + I + G + NX
4.  Nominal v. Real GDP
5.  The GDP price deflator
6.  Inflation: definition and calculation
7.  Problems with the CPI
8.  Converting nominal prices with price indices
9.  Productivity: definition
10.  Rule of 70
11.  Human capital: definition
12.  Returns to scale: constant, increasing, and decreasing
Test 3
1.  Investment and capital
2.  Financial markets
4.  Bonds: risk, return, and maturity
5.  The yield curve
6.  Private v. public saving
7.  Natural rate of unemployment
8.  Unemployment definitions and calculations
9.  Unemployment: seasonal, frictional, structural, and cyclical
10.  The labor force
11.  M1, M2, and M3 definitions and components
12.  Fed composition and responsibilities
Test 4
1.  ATC, AVC, AFC, and MC
2.  Perfect competition
3.  Monopolistic competition
4.  Oligopoly
5.  Monopoly
6.  Profit maximization with TC and TR curves
7.  Profit maximization with MC and MR curves
8.  Market demand in perfect competition
9.  Kinds and characteristics of monopoly
10.  Characteristics of monopolistic competition
11.  Price taker v. price maker firms
12.  Price-discriminating monopoly
13.  Oligopoly behavior
14.  Kinked demand under oligopoly