Discuss the Use of Performance Tests as a Means of Assessing

question 15

Essay

Discuss the use of performance tests as a means of assessing student learning. In your answer, describe the general goal of performance testing, describe the four general types of performance tests, and discuss at least five characteristics of performance tests.

Grasp the concept of a sound legal system and its importance for market operation.

Understand how competition affects market prices and production levels.

Learn the principles of resource allocation in the presence of external costs and benefits.

Understand the effects of governmental policies, such as taxes and subsidies, on market equilibriums.

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Definitions:

Supply Functions

Mathematical expressions that describe how the quantity of goods or services offered by suppliers changes in response to price changes.

Demand Functions

Mathematical expressions that show the relationship between the quantity demanded of a good or service and its price.

Market Equilibrium

A condition in a market where the quantity supplied is equal to the quantity demanded at a certain price level.

Markup

The amount that retailers add on to the wholesale price of an item.