Introduction To Economics-Econ-1011
UNITY UNIVERSITY
FACULTY OF DISTANCE EDUCATION
DEPARTMENT OF ECONOMICS
Worksheet for Introduction to Economics (Econ 1011)
Name_________________________
Id. No_______________________
Department __________________
Centre _______________________
Last date of submission ______________
This is a worksheet that you are supposed to do on your own. It carries 25 points. The
worksheet should be completed and mailed to the Faculty of Distance Education
department of economics for evaluation. Do not try to complete the worksheet until you
have covered all the readings in the course module.
Any question in the course that you have not been able to understand, should be stated
on a separate sheet of paper and attached to this worksheet. Your tutor will clarify them
for you either by his/her comments on your worksheet or on the tutorial programs.
After completing this worksheet, be certain to write your Name, Id.No and Address on
the first page. Write only your Name and Id.No on the other pages. Also do not forget to
leave enough margins on the left side of your answer sheet for comments by your tutor.
Be sure that this worksheet has __4__ pages including the cover page.
Unity University Faculty of Distance Education 1
Introduction To Economics-Econ-1011
PART I (1 Point Each)
Write “True” if the statement is true and write “False” if the
statement is false, in the space provided.
_____1. The demand curve that confronts monopolistically competitive firms is horizontal,
showing that MR = P.
_____2. Oligopolistic market structure characteristic by substantial barriers to entry.
_____3.When the short-run total product curve (the production function) for a firm attains a
maximum value, the average product of labor (APL) is zero.
_____4. Short run cost curves are U-shaped due to increasing input prices.
_____5. Scarcity is a condition that exists when resources are not able to meet the entire
demand for a product.
_____6. Implicit costs are the opportunity costs of the productive resources that the firm's
owner makes available without direct outlays of cash.
PART II (1 Point Each)
Match items in column A with items in column B
Column A Column B
____1. Deals with the economic problems of the A. Normative economics
individual, the firm, and the industry. B. Utility
____2. Deals with the aggregates of economics, including C. Macroeconomics
total production, total employment, and general price level. D. Positive economics
____3. The area of economics dealing with what is. E. Microeconomics
____4. The area of economics dealing with what ought to be.
____5.The ability of a good or service to satisfy a want.
Unity University Faculty of Distance Education 2
Introduction To Economics-Econ-1011
PART III (1 Point Each)
Answer the following questions
1. What are the differences between a monopoly firm and a perfectly competitive firm?
2. If average fixed cost is declining, then marginal cost (MC) must be declining.
3. Short-run average total costs rise because of reduced incentives to work in larger plants.
4. Identify basic factors of production.
Unity University Faculty of Distance Education 3
Introduction To Economics-Econ-1011
5. Define the term economics and explain its scope.
6. What is an economic theory?
7. Explain the difference between total utility and marginal utility.
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