What This Document Is
This document consists of a set of review questions designed to help students prepare for an upcoming midterm examination in an introductory economics course (ECON 1) at the University of California, Berkeley. It focuses on core microeconomic principles and their application to various scenarios. The questions are formulated to encourage deep thinking and a thorough understanding of the underlying economic concepts, rather than simple recall of facts.
Why This Document Matters
This resource is invaluable for students seeking to solidify their grasp of fundamental economic theories before a significant assessment. It’s particularly useful for those who learn best by actively applying concepts to problem-solving. Working through these questions will help identify areas where further study is needed and build confidence in tackling exam-style questions. It’s best utilized in the days leading up to the midterm, after completing assigned readings and attending lectures.
Topics Covered
* Consumer Theory & Utility Maximization
* Demand Analysis (Marshallian & Compensated)
* Income & Price Elasticities
* Inferior and Normal Goods
* Labor-Leisure Choices
* Market Demand vs. Individual Demand
* Utility Function Properties & Axioms
* Public Goods & Optimal Provision
* Welfare Economics & Compensation Principles
* Behavioral Assumptions in Economics
What This Document Provides
* A series of True/False/Uncertain questions requiring detailed justifications.
* Scenario-based problems applying economic principles to real-world situations.
* Questions designed to test understanding of core concepts like non-satiation, transitivity, and quasi-concavity.
* Opportunities to analyze the impact of changes in income and prices on consumer behavior.
* A framework for thinking about optimal resource allocation and public policy decisions.
