20) Briefly, explain the difference between market economy and planned economy.

21) Briefly, describe the concept of “invisible hand.”

22) Briefly, describe GDP and each of its five components.

23) Briefly, describe the difference between structural unemployment and frictional


24) Briefly, compare and contrast normative economics and positive economics.

25) Briefly, describe each of the following perspectives in economics: Feminist

Economists, Radical Economists, Religious Economists.

26) What did Keynes mean when he said “in the long-run we are all dead”?

27) Briefly, describe the concept of negative externality (provide two examples).

28) Briefly, describe free rider problem (provide two examples).

29) Graphically, illustrate various parts of production possibility model.

30) In the production possibility model, compare and contrast the outside and inside areas

of the production possibility curve (provide an example).

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