“Our economic growth this year is lower than last year’s growth. So we need to boost our economic growth.” The first statement is a ________________ statement, and the second statement is a ______________ statment.

If demand for a product is highly elastic, how will increasing the price of the product likely affect revenue?

Think about the Circular Flow Diagram. Who supplies (sells) labor, and who demands (buys) it?

If the price of toilet paper is expected to rise, what happens to Supply?

The graph above shows the market for ballpoint pens. What is the equilibrium?

Public goods and common-resource goods tend to need government help to ensure that they’re produced and used properly. Why is that?

How should countries decide what to trade?

The Law of Diminishing Marginal Utility suggests that a millionaire will enjoy a $10,000 bonus

(Extra credit: up to 6 points) What is the purpose of the chi-square test and what information does it provide us about the performance of the scintillation detector?

Explain the principles of energy determination in energy-sensitive detectors, by answering the following questions: What transformations must occur in the scintillation crystal and photomultiplier tube in order to convert a gamma ray into an electronic signal?   What factors affect the photomultiplier tube and signal strength? How does this series of transformations relate to the determination of gamma ray energy? What factors of a scintillation detector defines the broadness of the peaks seen on scintillation detector energy spectra?