Microeconomic introduction Midterm

Midterm will cover below

There is only 2 hrs to finish the midterm. Once you log in, you cannot leave without finishing.

Week 1: Introduction to Economics (Chapters 1, 2)

Ten Principles of Economics

Positive Economics versus Normative Economics

Microeconomics versus Macroeconomics

Production Possibilities Frontier (Curve): Scarcity, factors of production, efficiency

An Overview of Market Economies 

The difference between a free market economy and a command economy

Circular Flow Model

Week 2: The Model of Supply and Demand (Chapter 4)

Week 3: Elasticity (Chapter 5) and Government Policies (Chapter 6)

Week 4: The Efficiency of Markets (Chapter 7) and Cost of Taxation (Chapters 8)

Week 5: Consumer Theory (Utility Theory) (Chapter 21)