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ECON1010 PRINCIPLES OF MICROECONOMICS EXAM 1 CONTENT REVIEW QUESTIONS; graded A+ 100% solved
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  • Course
  • ECON1010
  • Institution
  • ECON1010
  • Book
  • Principles of Microeconomics

This exam test is written to expose managers in practice, experts, professionals and students to the reality of applying the concepts of econ

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  • January 3, 2025
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  • 2024/2025
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  • econ1010 principles of microeconomics exam 1

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ECON1010 PRINCIPLES OF
MICROECONOMICS EXAM 1 CONTENT
REVIEW QUESTIONS



Microeconomics - the study of how
households and firms
make decisions and how
they interact in markets

Macroeconomics - the study of economywide
phenomena, including
inflation, unemployment,
and economic growth

Scarcity - the limited nature of society's
resources

Opportunity Cost - whatever must be
given up to obtain some item

Consumer Surplus - the amount a buyer is
willing to pay for a good
minus the amount the
buyer actually pays for it

Producer Surplus - the amount a seller is
paid for a good minus the
seller's cost of providing it

Direct Relationship - Two variables move in the same direction. It one increases the
other increases. If one decreases the other decreases.

Inverse Relationship - Two variables move in opposite directions. If one increases the
other decreases; and if one decreases the other increases.

Independent Relationship (Zero Relationship) - No relationship at all.

Price Ceiling - a legal maximum on the

, price at which a good can be sold

Price Floor - a legal minimum on the
price at which a good can be sold

Positive Economics - The scientific aspect of economics that determines "what is?"

Normative Economics - The portion of economics that attempts to address "what should
be?"

Law of Supply - the claim that, other
things equal, the quantity supplied of a
good rises when the price of the good
rises

Law of Demand - the claim that, other
things equal, the quantity demanded of a
good falls when the price of the good rises

Equilibrium - a situation in which
the market price has
reached the level at which
quantity supplied equals
quantity demanded

Price Elasticity of Supply - a measure of how much
the quantity supplied of
a good responds to a
change in the price of
that good, computed as
the percentage change in
quantity supplied divided
by the percentage change
in price

Cross Price Elasticity of Demand - a
measure of how much the quantity
demanded of one good responds to a
change in the price of another good,
computed as the percentage change in
quantity demanded of the first good
divided by the percentage change in
the price of the second good

Income Elasticity of Demand - a measure
of how much the quantity demanded of

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