Problem Drill Session
Multiple Choice Questions:
Long Questions:
Total Questions: 10
Select Topics (Optional):
Basic Economic Concepts
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Economics as a social science
Scarcity, choice and opportunity cost
The three basic economic problems
Specialization and exchange
Circular flow of economic activities
Positive and normative statements
Market and Price
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Law of Demand
Supply
Interaction between demand, supply and price
Consumer and producer surplus
Functions of prices
Price elasticity of demand
Price elasticity of supply
Market intervention
Competition and Market Structure
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Perfect and imperfect competition
Money and Banking
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Money
Banks: functions and services
Money supply
Money demand
Determination of interest rate
Hong Kong as a financial centre
Firms and Production
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Ownership of firms
Types/stages of production
Types of goods and services produced
Division of labour
Factors of production
Production and costs in the short run and long run
The objectives of firms
Efficiency, Equity and the Role of Government
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Efficiency
Equity
Policy concerns
Measurement of Economic Performance
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National income
General price level
Recent trends
Unemployment/Underemployment rate
National Income Determination and Price Level
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Aggregate demand (AD)
Aggregate supply (AS)
Determination of output and price
Macroeconomic Problems and Policies
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Business cycles
Inflation and deflation
Unemployment
Fiscal policy
Monetary policy
International Trade and Finance
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Free trade and trade barriers
Balance of payments account
Exchange rate
Monopoly Pricing, Anti-competitive Behaviours and Competition Policy
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Simple monopoly pricing
Price discrimination
Major forms of anti-competitive practices
Impact of anti-competitive practices
Competition Ordinance in Hong Kong
Extension of Trade Theory, Economic Growth and Development
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Extension of Trade Theory
Economic Growth and Development - Measurement
Economic Growth and Development - Factors affecting growth
Economic Growth and Development - Desirability and costs
Economic Growth and Development - Comparison
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Start Drill