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    Cagayan State University College of Business, Entrepreneurship & Accountancy Microeconomic Theory & Practice-Mid Terms Examination

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    Hannah Alvarado Bandola
    This document is a midterm examination for a Microeconomic Theory and Practice course. It contains three sections - a true/false section testing basic microeconomic concepts, a graphing exercise to plot demand and supply curves for pork, and four essay questions about economic theories, the invisible hand principle, how non-price factors affect demand and supply, and government price setting. Students are instructed to submit their answer sheet by email to the provided address.

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    Cagayan State University College of Business, Entrepreneurship & Accountancy Microeconomic Theory & Practice-Mid Terms Examination

    Uploaded by

    Hannah Alvarado Bandola
    34 views2 pages
    This document is a midterm examination for a Microeconomic Theory and Practice course. It contains three sections - a true/false section testing basic microeconomic concepts, a graphing exercise to plot demand and supply curves for pork, and four essay questions about economic theories, the invisible hand principle, how non-price factors affect demand and supply, and government price setting. Students are instructed to submit their answer sheet by email to the provided address.

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    This document is a midterm examination for a Microeconomic Theory and Practice course. It contains three sections - a true/false section testing basic microeconomic concepts, a graphing exercise to plot demand and supply curves for pork, and four essay questions about economic theories, the invisible hand principle, how non-price factors affect demand and supply, and government price setting. Students are instructed to submit their answer sheet by email to the provided address.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    34 views2 pages

    Cagayan State University College of Business, Entrepreneurship & Accountancy Microeconomic Theory & Practice-Mid Terms Examination

    Uploaded by

    Hannah Alvarado Bandola
    This document is a midterm examination for a Microeconomic Theory and Practice course. It contains three sections - a true/false section testing basic microeconomic concepts, a graphing exercise to plot demand and supply curves for pork, and four essay questions about economic theories, the invisible hand principle, how non-price factors affect demand and supply, and government price setting. Students are instructed to submit their answer sheet by email to the provided address.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Cagayan State University

    College of Business, Entrepreneurship & Accountancy


    Microeconomic Theory & Practice-Mid Terms Examination

    Use a separate answer sheet which should contain your name, course, section and the answers
    to this examination. Submit the answer sheet/s only to my email address. mstanjr@csu.edu.ph.

    Test I. True or False

    1. Land as a production factor pertains only to the soil where you can locate your business.

    2. Production factors may be enhanced.

    3. In economics, capital means money used for business.

    4. Economics is a field of study that provides knowledge how to acquire all our needs and wants.

    5. The entrepreneur may not necessarily be the manager of a business.

    6. International economics studies the functioning of the national economy.

    7. Economics falls under the field of natural sciences.

    8. Payment for the entrepreneur is called salaries or wages.

    9. Microeconomics is the smallest level of economic analysis.

    10. A market necessitates a physical place of exchange.

    11. Barter is the value of a good in terms of money.

    12. Aggregate demand is a reflection of a consumer’s desire for a commodity.

    13. Shortage represents the intersection between demand and supply.

    14. A movement within the same demand or supply curve is mainly caused by changes in prices.

    15. A shift of the demand curve to the left or right is normally caused by non-price factors.

    16. Surplus represents the excess of supply over demand for a good.

    17. In a market economy, the government sets the prices of commodities.

    18. Shortage represents are area where demand is equivalent to supply.

    19. Free goods can become economic goods.


    20. Aggregate supply represents the amount of commodity a producer is willing to sell in the
    market.

    II. Graphing Exercise. Plot the following demand and supply schedule in a graph showing the
    following:

    a. Demand curve
    b. Supply curve
    c. Equilibrium point
    d. Area of shortage
    e. Area of surplus

    Demand Schedule for Pork Daily

    Price per Kg Quantity Demanded


    (in PhP) (# kgs.)
    150 550
    180 310
    210 210
    240 170
    270 90

    III. Essay. Answer the following questions briefly but adequately.

    1. Elaborate on the similarities and differences between economic theories and price theory. Cite
    an example of each one.

    2. Explain the principle of the invisible hand and how it relates to the process of price setting in a
    market.

    3. Elaborate how non-price factors affect the demand or supply level of a commodity.

    4. Under what circumstances would a government engage in price setting? Explain why.

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