11/12/22, 7:11 PM MIDTERM EXAM

MIDTERM EXAM 
MICROECONOMICS

1. Explain in your own idea when you encounter “Product Possibility” as term used in
economics (10 Points)

In economics, the maximum output of two items with a fixed amount of input is measured by a p

2. Define the Microeconomics and Macroeconomics and distinguish one from the
other? (10 Points)

Trade, industrial organization and market structure, labor economics, public finance, and welfare

3. Specify at least 3 out of 4 types of economic resources you know in our class?
Explain each briefly. (10 Points)

Land - Natural resources that are used in the production of goods and services. Some examples o

4. What is your idea of Economic Theory? (10 Points)

Research in all aspects of economics that is grounded in strong theoretical reasoning and on mat

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11/12/22, 7:11 PM MIDTERM EXAM

5. How do you understand Economics in general? (10 Points)

Economics is the study of scarcity and how it affects how resources are used, how commodities a

6. What is Market Supply? (10 Points)

The total quantity of a product that producers are willing and able to sell over a specific time per

7. Why there is such a thing as economizing problem in our day-to-day life?

(10 Points)

Because there is no end to what people want, there is always a shortage. As a result, we are force

8. What is the concept of  “ Scarcity ” in the context of economics?(10 Points)

One of the fundamental ideas in economics is scarcity. It indicates that there is a gap between th

9. What would happen to the equilibrium price and the equilibrium quantity if shifts
in demand and supply occurs? (10 Points)

Reduced demand will result in a drop in the equilibrium price and a reduction in supply. With eve

10. Explain the role of economics in the tradeoffs people and organization? (10 Points)

In economics, the phrase "trade-off" is used to describe how budgeting invariably entails giving u

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11/12/22, 7:11 PM MIDTERM EXAM

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