Econ 312 Principles of Economics Final Exam

ECON 312 Principles of Economics Final Exam

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ECON 312 Principles of Economics Final Exam

1. (TCO 1) Opportunity cost is best defined as (Points : 4)

2. (TCO1) Which is not a factor of production? (Points : 4)

3. (TCO1) A point outside the production possibilities curve is (Points : 4)

4. (TCO1) A basic characteristic of a command system is that (Points : 4)

5. (TCO 2) Which is consistent with the law of demand? (Points : 4)

6. (TCO 2) A decrease in supply and a decrease in demand will (Points : 4)

7. (TCO 2) You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than one. To increase total revenues, you should (Points : 4)

8. (TCO 2) The price elasticity of demand increases with the length of the period considered because (Points : 4)

9. (TCO 2) A profit-maximizing firm in the short run will expand output (Points : 4)

10. (TCO 2) Which case below best represents a case of price discrimination? (Points : 4)

11. (TCO 3) A major reason that firms form a cartel is to (Points : 4)

12. (TCO 3) The main difference between the short run and the long run is that (Points : 4)

13. (TCO 4) A recession is a decline in (Points : 4)

14. (TCO 4) The unemployed are those people who (Points : 4)

15. (TCO 4) GDP is the market value of (Points : 4)

16. (TCO 4) Nominal GDP differs from real GDP because (Points : 4)

17. (TCO 6) When the federal government uses taxation and spending actions to stimulate the economy it is conducting (Points : 4)

18. (TCO 6) Refer to the graph. What combination would most likely cause a shift from AD1 to AD3?

19. (TCO 6) The American Recovery and Reinvestment Act of 2009...