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ECON 1000 - Introduction to Microeconomics 2024 – 2025 ECON 1000 Midterm Exam Prep Questions and Answers | 100% Pass Guaranteed | Graded A+ |
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ECON 1000 - Introduction to Microeconomics 2024 – 2025 ECON 1000 Midterm Exam Prep Questions and Answers | 100% Pass Guaranteed | Graded A+ |

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  • October 18, 2024
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  • 2024/2025
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  • Questions & answers

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York University
Toronto, Ontario, Canada

ECON 1000 - Introduction to Microeconomics
ECON 1000 Exam

Course Title and Number: ECON 1000 - Introduction
to Microeconomics
Exam Title: ECON 1000 Exam
Exam Date: Exam 2024- 2025
Instructor: [Insert Instructor’s Name]
Student Name: [Insert Student’s Name]
Student ID: [Insert Student ID]

Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
6. This test has a time limit, The test will save and submit
automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.


Good Luck!

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, ECON 1000 - Introduction to Microeconomics 2024 –
2025 ECON 1000 Midterm Exam Prep Questions and
Answers | 100% Pass Guaranteed | Graded A+ |

Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -

What type of economies are more common in the world
- Answer>> mixed


Market failure - Answer>> occurs when the market
mechanism does not generate the best possible


What maybe necessary for market failures - Answer>>
government intervention


Government failure - Answer>> Occurs when the
government intervention fails to improve economic
outcomes


Macroeconomics - Answer>> the study of aggregated
economic behavior, of the economy as a whole


Microeconomics - Answer>> the study of individual
economic behavior, of the components of the large
economy


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, There aren't enough _____________ in an economy to
produce all the goods and services desired by society -
Answer>> Resources



Scarcity - Answer>> Lack of available recourses to
satisfy all desired uses of those resources. Forces us to
make choices


Economics - Answer>> The study of how best to allocate
care resources among competing uses


Individuals resources - Answer>> time and money


Society's resources - Answer>> the factors of production


Factors of production (definition) - Answer>> Inputs used
to produce goods and services


The factors of production - Answer>> land, labor, capital,
entrepreneurship


opportunity cost - Answer>> the most desired goods and
services that are forgone, the goods and services that
are forgone, the value of the next best alternative that
could have been selected
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