1. should US government protect domestic industries from imports? why?

2. freely floating exchage rate system, a fixed exchange rate system, and a " managed float" system. how is trade deficit corrected under each system?

3. explain the various components of the balance of payment and illustrate the system with a numerical example. explain some of the factors that affect a country's balance of payment.

4. what is cartel? how does it work? what is current example of cartel and how is it working? what specific laws apply to cartel? what is the relationship between an industry facing a kinked demand curve and cartel?

5. explain why the MR=MC rule always give the profit maximizing or loss mininizing level of output

6.explain using a numerical example, how the lawof diminishing returns operates. how does the law of diminishing returns explain the behavior of total cost, total variable cost and marginal cost as output increase?

7. what does price elasticity of demand mean? how is price elasticity of demand claculated using the midpoints formula? what is the total revenu test and what are the determinants of price elasticity of deman?

8. what are some of the key anitrust laws in the US? what problems have they attempted to deal with? what are some of the main anti trust issues that have surfaced in the last few year?

9. what is the lawof demand and how do the imcom effect the subsitution effect and the law of diminishing marginal utility explain how the law of demand work?

10. what is the purpose of farm price supports and how do they work? what have been some of consequences of government price supports and other government aid program for farmers in the US?