ECON 2001.01 Midterm: Mid-term 1 Review

389 views2 pages
Published on 19 Sep 2018
School
Ohio State University
Department
Economics
Course
ECON 2001.01
Professor
Test%is%at%Independence%Hall,%100
Friday,%Sept.%21%at%!"#$%&'
Materials%covered:%Fundamentals%1%and%2,%Demand,%Supply,%Market%Equilibrium,%Market%Efficiency,%&%
Market%Failure.%
-
40%questions%multiple%choice%
-
Scantron%form%
*All%these%info%can%be%found%on%Carmen.%
()*+,'-*.,/01!
Top%Hat:%Scarcity%can%be%eliminated%by%allowing%prices%to%rise?%
False.
Scarcity%will%always%exist.%There’s%nothing%that%we%could%do%about%scarcity.%
Top%Hat:%Which%of%the%following%is%a%microeconomic%issue?%
B.
Minimum%wage%affects%incomes
Microeconomics%is%the%study%of%the%small%issues:%how%individuals%and%companies%behave%under%certain%
circumstances.%Focusing%on%the%small.
A.
Tariff,%micro
B.
Minimum%wage%&%incomes,%small
C.
Unemployment%rate,%large
D.
Production,%large
Top%Hat:%given%the%info,%what%is%the%optimal%amount%of%the%product%to%consume?%
3%units.%Marginal%benefit=marginal%cost.%
Based%on%the%diagram%below,%_____.
C.
We%are%producing%too%little%
Cost%is%less%than%benefit.%
()*+,'-*.,/01"
Top%Hat:%inefficient%use%of%resources?%
(Continued)
The%opportunity%cost%of%moving%from%C%to%D%is%__%reps%on%the%weight%machine.
-
15
Top%Hat:%Assume%that%Norway%can%produce%a%max%of%richer%100%barrels%of%oil%or%75%fish.%France%can%
produce%a%maximum%of%either%50%barrels%of%oil%or%40%fish.%___should%specialize%in%oil%and%trade%for%fish.%
-
Norway
2-',*+
From%the%slides:%
What%could’ve%caused%the%change?%%
Mid-term)1)Review
Wednesday,%September%19,%2018
10:16%AM
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