Exam Topics
Basic Economic Concepts
The Nature and Functions of Product Markets
Supply and demand
Theory of consumer choice
Production and costs
Firm behavior and market structure
Factor Markets
Derived Factor Demand
Marginal revenue product
Hiring decisions in the markets for labor and capital
Market distribution of income
Market Failure and the Role of Government
Externalities
Public goods
Public policy to promote competition
Income distribution
Exam Format
Section I: Multiple choice, 60 questions, 1 hour 10 minutes, 66% weight
Section II: Free response, 3 questions, 1 hour, 34% weight