UNT ECON 1100 – Principles of Microeconomics Exam 1 Study Guide

UNT ECON 1100 – Principles of Microeconomics Exam 1
Study Guide
unt Econ 1100 Exam 1


Comprehensive study guide for the University of North Texas ECON 1100 Exam 1. Covers all
major topics from the first units of Principles of Microeconomics, including supply and demand,
market equilibrium, opportunity cost, elasticity, and economic systems. Clear explanations, key
terms, and example problems help make exam preparation simple and effective.

Tags: ECON 1100, UNT, Microeconomics, Exam 1, Study Guide, Economics Notes, College Study
Material




Which of the following will cause a decrease in the demand for batteries? -
CORRECT ✔✔✔✔✔ An increase in the price of digital cameras, a complement for
batteries

Based on the information in the table below, the opportunity cost of producing one
clock in Mexico is:

Clock Radio
Spain 4 hours 2 hours
Mexico 3 hours 6 hours - CORRECT ✔✔✔✔✔ 1/2 radio.

Which of the following is a normative microeconomic statement? - CORRECT
✔✔✔✔✔ Government should lower the taxes paid by small businesses.

An outward shift of a production possibilities frontier illustrates that: - CORRECT
✔✔✔✔✔ economic growth has occurred.

If the demand for electricity is inelastic but not perfectly inelastic, a 10% increase in
the price of electricity is likely to: - CORRECT ✔✔✔✔✔ lead to a decrease in the
quantity demanded of electricity of less than 10%.

If quantity demanded is 30 when price is $3 and quantity demanded is 20 when price
is $5, then total revenue __________ if price increases from $3 to $5, implying that
demand is _________. - CORRECT ✔✔✔✔✔ increases; inelastic

In the market for used cars, a surplus of used cars would, ceteris paribus: -
CORRECT ✔✔✔✔✔ put downward pressure on the price of used cars.
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