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...Econ spring test study guide instructions multiple choice questions each with responses you will have an hour to do the exam students need bring sanddollar id card scantron form e pencil calculator optional chapter scarcity definition of economics efficiency vs equality opportunity cost incentives economic systems market failure externalities and monopolies business cycle as a social science scientific method assumptions ceteris paribus circular flow diagram factors production possibility curve ppf specialization slope how growth technological change affects microeconomics macroeconomics positive normative statements absolute advantage comparative trade defn law demand schedules curves shifts in what causes them supply equilibrium excess shortages surpluses price ceilings floors public policy reasons for intervention effects taxes applied sellers buyers tax incidence analysis responsiveness on burden government sources income budget balance average marginal rates equity receipts spendi...