Econ 312 Wk 4 Midterm Exam

ECON 312 Wk 4 Midterm Exam

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ECON 312 Wk 4 Midterm Exam

Set # 1

1 Question:

(TCO 1) What is the economic meaning of the expression that “There is no such thing as a free lunch?”

Question 2

(TCO 1) The idea in economics that “there is no free lunch” means that

Question 3

(TCO 1) Which situation would most likely cause a nation’s production possibilities curve to shift inward?

Question 4

(TCO 1) Which expression is another way of saying “marginal cost”?

Question 5

(TCO 1) Which is not a factor of production?

Question 6

(TCO 1) Another term for capitalism is

Question 7

(TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through

Question 8

(TCO 1) Laissez-faire capitalism is characterized by

Question 9

(TCO 1) Consumer sovereignty and “dollar votes” guide the market system in dealing with which fundamental question?

Question 10

(TCO 1) A characteristic of centrally planned economies is that

Question 11

(TCO 2) The quantity demanded of a product increases as its price declines because the

Question 12

(TCO 2) At the point where the demand and supply curves intersect

Question 13

(TCO 2) If an effective price ceiling is placed on hamburgers then

Question 14

(TCO 2) A headline reads “Lumber Prices Up Sharply” In a competitive market, this situation would lead to a(n)

Question 15

(TCO 2) For most products, purchases tend to fall with decreases in buyers’ incomes Such products are known as?

Question 16

(TCO 2) If the price-elasticity coefficient for a good is 75, the demand for that good is described as?

Question 17

(TCO 2) Demand is said to be inelastic when:

Question 18

(TCO 2) The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole This is best explained by the fact that

Question 19

(TCO 2) If the demand...