ECO 1104 Midterm: Micro-Midterm-1

• School: University of Ottawa
• Department: Economics
• Course: ECO 1104
• Professor: Armaghan Rahimi

Document Summary

Instructions: please fill in your name and student number on every page of the exam questionnaire and on the ncs sheet. Use the ncs sheet to answer the multiple choice questions. This exam has 11 pages check that this copy has all of them. Identify the letter of the choice that best completes the statement or answers the question. One definition of equity would be: equality, efficiency, similarity. fairness. Factors of production are the mathematical calculations firms make to determine production: weather and social and political conditions that affect production. the physical relationships between economic inputs and outputs. inputs into the production process. The economy can produce at which point or points? a b, d, e. Trade is based on: absolute advantage, comparative advantage, production costs, relative dollar prices. Comparative advantage reflects: productivity, relative opportunity cost, efficiency. terms of trade advantage.