2026 UNT ECON 1100 – Principles of Microeconomics Exam 1
Study Guide
Description:
Comprehensive study guide for the University of North Texas ECON 1100 Exam 1. Includes
summaries of all key topics such as scarcity, opportunity cost, supply and demand, market
equilibrium, comparative advantage, and elasticity. Organized with clear explanations, definitions,
and example problems to help you understand core economic concepts and prepare effectively for
the first exam.
Tags: UNT, ECON 1100, Microeconomics, Exam 1, Study Guide, Economics Notes, College Study
Material
UNT ECON 1100 EXAM 1
Economics - CORRECT ANSWER ✔✔✔✔✔ The science of scarcity.
Its balance between unlimited wants and scarce resources.
The government should raise taxes is a ... - CORRECT ANSWER
✔✔✔✔✔ normative statement
normative statement - CORRECT ANSWER ✔✔✔✔✔ an opinion
positive statement - CORRECT ANSWER ✔✔✔✔✔ a fact
which would be studied in a microeconomics course - CORRECT
ANSWER ✔✔✔✔✔ The strategy used by owners of a competitive firm
to max profits
which of the following is not an example of a factor of production
referred to as capital - CORRECT ANSWER ✔✔✔✔✔ money used to
start a business
1
, opportunity cost of attending school is - CORRECT ANSWER ✔✔✔✔✔
highest for someone who gave up good jobs to attend school
command economy is characterized by - CORRECT ANSWER
✔✔✔✔✔ government ownership or control of most resources.
Remember this with "the gov is in command"
Rightward shift of a ppf indicates - CORRECT ANSWER ✔✔✔✔✔
economic growth has occured
Two parties can enjoy gains from trade by specializing in the activities
for which - CORRECT ANSWER ✔✔✔✔✔ a comparaitive advantage
exist
law of demand - CORRECT ANSWER ✔✔✔✔✔ inverse of price and
quantity
Which would best explain a decrease in the demand for shrimp -
CORRECT ANSWER ✔✔✔✔✔ a decrease in the price of crab legs (a
substitute for shrimp)
Which best explains a decrease in the supply of bicycles - CORRECT
ANSWER ✔✔✔✔✔ a decrease in the number of bicycle
manufactururs
Technological improvements that reduce the cost of manufacturing
personal computers combined with a decrease in demand for personal
computers results in - CORRECT ANSWER ✔✔✔✔✔ either a or b
an increase in equilibrium quantity and decrease in equilibrium price or
decrease in both.
Income elasticity of demand is calculated as - CORRECT ANSWER
✔✔✔✔✔ % of change in quanitiy demanded/ % of change in price
Interpret price elasticity of demand...+ is - CORRECT ANSWER
✔✔✔✔✔ Normal good
2
Study Guide
Description:
Comprehensive study guide for the University of North Texas ECON 1100 Exam 1. Includes
summaries of all key topics such as scarcity, opportunity cost, supply and demand, market
equilibrium, comparative advantage, and elasticity. Organized with clear explanations, definitions,
and example problems to help you understand core economic concepts and prepare effectively for
the first exam.
Tags: UNT, ECON 1100, Microeconomics, Exam 1, Study Guide, Economics Notes, College Study
Material
UNT ECON 1100 EXAM 1
Economics - CORRECT ANSWER ✔✔✔✔✔ The science of scarcity.
Its balance between unlimited wants and scarce resources.
The government should raise taxes is a ... - CORRECT ANSWER
✔✔✔✔✔ normative statement
normative statement - CORRECT ANSWER ✔✔✔✔✔ an opinion
positive statement - CORRECT ANSWER ✔✔✔✔✔ a fact
which would be studied in a microeconomics course - CORRECT
ANSWER ✔✔✔✔✔ The strategy used by owners of a competitive firm
to max profits
which of the following is not an example of a factor of production
referred to as capital - CORRECT ANSWER ✔✔✔✔✔ money used to
start a business
1
, opportunity cost of attending school is - CORRECT ANSWER ✔✔✔✔✔
highest for someone who gave up good jobs to attend school
command economy is characterized by - CORRECT ANSWER
✔✔✔✔✔ government ownership or control of most resources.
Remember this with "the gov is in command"
Rightward shift of a ppf indicates - CORRECT ANSWER ✔✔✔✔✔
economic growth has occured
Two parties can enjoy gains from trade by specializing in the activities
for which - CORRECT ANSWER ✔✔✔✔✔ a comparaitive advantage
exist
law of demand - CORRECT ANSWER ✔✔✔✔✔ inverse of price and
quantity
Which would best explain a decrease in the demand for shrimp -
CORRECT ANSWER ✔✔✔✔✔ a decrease in the price of crab legs (a
substitute for shrimp)
Which best explains a decrease in the supply of bicycles - CORRECT
ANSWER ✔✔✔✔✔ a decrease in the number of bicycle
manufactururs
Technological improvements that reduce the cost of manufacturing
personal computers combined with a decrease in demand for personal
computers results in - CORRECT ANSWER ✔✔✔✔✔ either a or b
an increase in equilibrium quantity and decrease in equilibrium price or
decrease in both.
Income elasticity of demand is calculated as - CORRECT ANSWER
✔✔✔✔✔ % of change in quanitiy demanded/ % of change in price
Interpret price elasticity of demand...+ is - CORRECT ANSWER
✔✔✔✔✔ Normal good
2
