microeconomics Mid

     
InstructionsIn order to obtain your max grade for each   question you should be as original as possible (USE YOUR OWN WORDS), mix and   match will be accepted, but complete “paraphrasing of the textbook”   will incur in points deduction. 
Your answers should come from the readings of your   textbook, and not from the Internet sources, make sure that when you   paraphrase the textbook that you reference the source. 
Please note that you will be able to review/see the   feedback given by me for your incorrect and/or answers where you   did not achieve the maximum grade after I evaluate you.
Best of Luck!QUESTION 1
What is Microeconomics? Why is it important?
QUESTION 2
What is the law of supply? Give an example of how you observed the law of supply at work in the “real world.”
QUESTION 3
Explain the following terms:
– Unit elastic
– Perfectly elastic
– Perfectly inelastic
QUESTION 4
What is the “law of diminishing marginal utility”? Give an example.
QUESTION 5
Explain the difference between implicit and explicit production costs.
QUESTION 6
  List and discuss at least three requirements for perfect competition.
QUESTION 7
Explain the following “resource market” terms:
– Labor
– Capital
– Raw materials
QUESTION 8
What is meant by Antitrust regulations” Why is it important?
QUESTION 9
Discuss two sources of air pollution and what can/should be done about it.
QUESTION 10
What is the Lorenz curve? Why is it important?
QUESTION 11
Explain two of the following terms:
– Import Quotas
– GATT
– NAFTA     
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