ECON 1000 Lecture Notes - Lecture 1: Deadweight Loss, Absolute Advantage, Opportunity Cost
3 Apr 2016
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ECON 1000 Full Course Notes
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Econ 1000m- winter 2016- sample midterm exam questions. Choose the one alternative that best completes the statement or answers the question. Reasons except: an increase in the stock of capital, a technological improvement, opportunity cost is increasing, an increase in the labour force, none of the above. 1: individuals a and b can both produce good x. Use the table below to answer the following questions. Production possibilities: ______, refer to table 2. 1. 2. 2: if a 10 percent rise in price leads to an 8 percent decrease in quantity demanded, the price elasticity of demand is, 0. 125, 80, 1. 25, 0. 8, ______ Use the figure below to answer the following questions: refer to figure 5. 4. 1. If the quantity produced is 200: ______ Figure 5. 4. 1: a deadweight loss exists, deadweight loss is minimized, the sum of consumer surplus and producer surplus is zero, the sum of consumer surplus and producer surplus is maximized. roduction is efficient.
