1. EE Review! 1.If I’m sitting in a BAD movie, I should get up and leave. The time I’ve spent on this movie, is a cost. I can never get it back. 2.Define a pure market system. 3.Give one advantage of a pure market system. 4.Define a pure centrally planned market.

2. 1.Give one advantage of a pure centrally planned market. 2.Why are monopolies bad for consumers? 3.Give an example of a natural monopoly. 4.Describe the difference between a mixed market and a pure market. 5.If Susie can do her math homework in 20 minutes and Johnny does his homework in 30 minutes, who has the absolute advantage in doing the math homework.

3. 1.Approx how many fish are being caught at Pt B? 2.How many fish are being caught at Pt C? 3.Describe a reason why this Production Possibilities Frontier might shift to the right (or outward).