What This Document Is
This document is a midterm examination for Introduction to Microeconomics (ECON 1011) at Washington University in St. Louis, originally administered in Spring 2019. It’s designed to assess student understanding of core microeconomic principles covered in the course up to a specific point in the semester. The exam focuses on evaluating analytical skills and the ability to apply economic concepts to various scenarios. It’s a key assessment tool used to gauge comprehension of fundamental economic models and their implications.
Why This Document Matters
This resource is invaluable for students currently enrolled in or preparing for an introductory microeconomics course. It’s particularly helpful for students wanting to understand the *types* of questions and the level of difficulty they can expect on a midterm exam in this subject. Reviewing this exam structure can help refine study strategies and identify areas where further review is needed. It’s best used *after* completing relevant coursework and practice problems, as a way to self-test and solidify understanding. Students aiming for a strong grasp of market dynamics, surplus analysis, and the impact of government intervention will find this particularly useful.
Common Limitations or Challenges
Please note that this document represents a specific instance of a midterm exam from a past semester. While indicative of the course’s assessment style, it may not perfectly reflect the content or emphasis of current iterations of the course. It does not include explanations of correct answers or detailed solutions – it is purely an assessment instrument. Access to the full document is required to view the specific questions and fully benefit from its practice potential.
What This Document Provides
* A comprehensive set of multiple-choice questions covering key microeconomic concepts.
* Questions relating to market equilibrium and efficiency.
* Scenarios involving price controls (floors and ceilings) and their effects.
* Problems assessing understanding of consumer and producer surplus.
* Questions exploring the impact of taxation on market outcomes.
* Concepts related to production, costs, and the law of diminishing marginal returns.
* Graphical analysis questions requiring interpretation of supply and demand curves.
* Questions differentiating between short-run and long-run economic concepts.