ECON 312 Sample Midterm Exam 1

ECON 312 Sample Midterm Exam 1

1. (TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to…

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

3. (TCO 1) (TCO 1) The law of increasing opportunity costs  indicates that…

4. (TCO 1) A tradeoff exists between two economic goals, X and Y.  This tradeoff means that…

5. (TCO 1) Which would not be considered as a capital resource of a business by an economist?

6. (TCO 1) The economy of Germany would best be classified as:…

7. (TCO 1) Markets in which firms sell their output of goods and services are called…

8. (TCO 1) Laissez-faire capitalism is characterized by…

9. (TCO 1) Which is not one of the five fundamental questions that an economy must deal with?

10. (TCO 1) The major “success indicator” for business managers in command economies like the Soviet Union and China in the past was…

11. (TCO 2) An increase in demand means that…

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

13. (TCO 2) Black markets are associated with…

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

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

16. (TCO 2) When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent.  In this range of prices, demand for this product is…

17. (TCO 2) Total revenue falls as the price of a good is raised, if the demand for the good is…

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…

19. (TCO 2) To economists the main differences between “the short run” and “the long run” are that…

20. (TCO 2) Airlines charge business travelers more than leisure travelers because there is a more…

21. (TCO 3) Suppose that you could prepare your own tax return in 15 hours, or you could hire a tax specialist to prepare it for you in two hours.  You value your time at $11 an hour.  The tax specialist will charge you $55 an hour.  The opportunity cost of preparing your own tax return is…

22. (TCO 3) Economic profits are equal to…

23. (TCO 3) The main difference between the short run and the long run is that…

24. (TCO 3) Fixed costs are those costs which are…

25. (TCO 3) At an output of 20,000 units per year, a firm’s variable costs are $80,000 and its average fixed costs are $3.  The total costs per year for the firm are:

26. (TCO 3) If the price of a fixed factor of production increases by 50 percent, what effect would this have on the marginal-cost schedule facing a firm?

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