The test will consist of 20 True/False questions each worth 5 points. You will have one attempt to take the test. Once the clock starts, you must finish the test. You will be unable to save and continue later. You have 1 hour and 20 minutes to complete the test.

The test covers Modules 8,9,10,11,12, and 20

The following are a list of topics to study for the exam:

Substitution vs. Income effect
The midpoint method
The law of demand.
The law of supply.
The price elasticity of supply.
The price elasticity of demand.
Interpreting the price elasticity of demand.
How elasticity affects total revenue.
The price effect vs. the sales effect.
Factors that determine the price elasticity of demand.
Normal vs. inferior goods.
The income elasticity of demand.
Complement vs. Substitute goods.
The cross-price elasticity of demand.
Factors that determine the price elasticity of supply.
Consumer surplus vs. producer surplus.
Potential seller's cost.
How to calculate both consumer and producer surplus.
Total surplus.
Market inefficiency
Market equilibrium and total surplus.
Utility and how it is measured.
Principle of diminishing marginal utility.