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    ECO 100 Mid Term

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    The midterm exam for ECO 100 covers production possibilities, opportunity costs, supply and demand curves, and factors of production. It contains 4 questions - the first asks students to draw a production possibilities frontier graph and calculate opportunity costs from a table of data. The second asks students to list 3 reasons for a shifting supply curve and illustrate with examples and graphs. The third explains the effects of supply and demand on seasonal agricultural products like strawberries using graphs. The fourth compares and contrasts the laws of demand and supply and discusses how factors of production in developed and developing countries impact economic growth.

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    ECO 100 Mid Term

    Uploaded by

    fxgfxg10
    5 views2 pages
    The midterm exam for ECO 100 covers production possibilities, opportunity costs, supply and demand curves, and factors of production. It contains 4 questions - the first asks students to draw a production possibilities frontier graph and calculate opportunity costs from a table of data. The second asks students to list 3 reasons for a shifting supply curve and illustrate with examples and graphs. The third explains the effects of supply and demand on seasonal agricultural products like strawberries using graphs. The fourth compares and contrasts the laws of demand and supply and discusses how factors of production in developed and developing countries impact economic growth.

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    The midterm exam for ECO 100 covers production possibilities, opportunity costs, supply and demand curves, and factors of production. It contains 4 questions - the first asks students to draw a production possibilities frontier graph and calculate opportunity costs from a table of data. The second asks students to list 3 reasons for a shifting supply curve and illustrate with examples and graphs. The third explains the effects of supply and demand on seasonal agricultural products like strawberries using graphs. The fourth compares and contrasts the laws of demand and supply and discusses how factors of production in developed and developing countries impact economic growth.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    5 views2 pages

    ECO 100 Mid Term

    Uploaded by

    fxgfxg10
    The midterm exam for ECO 100 covers production possibilities, opportunity costs, supply and demand curves, and factors of production. It contains 4 questions - the first asks students to draw a production possibilities frontier graph and calculate opportunity costs from a table of data. The second asks students to list 3 reasons for a shifting supply curve and illustrate with examples and graphs. The third explains the effects of supply and demand on seasonal agricultural products like strawberries using graphs. The fourth compares and contrasts the laws of demand and supply and discusses how factors of production in developed and developing countries impact economic growth.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Fall 2023

    MID TERM EXAM

    ECO 100

    Question 1:
    Jane’s Island’s production possibilities are given in the following table:

    A. Draw a graph of the production possibility possibilities frontier on Jane’s Island.

    B. What are Jane’s opportunity costs of producing corn and cloth at each output in the table?

    Question 2
    List 3 reasons that can cause the shift of supply curve. Use real examples along with graphs to
    illustrate your answers.
    Question 3
    Explain in a critical way the effects of supply and demand on seasonal agricultural products
    (strawberry for example). Use graphs to show your analysis

    Question 4

    How is the “Law of Demand” different from the “Law of Supply”? In what ways are they similar
    to each other?

    Question 4

    Take an example of a developed country and a developing country and discuss how the factors
    of production in both countries affect the economic growth ?

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