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Sean Wagner's Quizzes
Micro Quiz (09/09/2011)

1. Explain what market equlibrium is. 2. Explain what causes diminishing marginal utlity.3. Explain what happens to total utility. 4. Explain what Adam Smith identifies as the focal point of a free enterprise system and how self interest and specialization play apart in it. 5. Explain what happens to price floor and price ceiling during a recession periodand explain why. 6. Explain what leads up to market equlibrium and who benefits from it.
Microeconomic Principles (08/30/2011)

Topics in History Quiz Short Answer 8 pts each 1. Explain the relationship established in a demand curve. 2. Explain why socialism failed. 3. Explain what the marginal benefits are within socialism. 4. Explain what creates scarcity within the market and what happens to price.