Econ 312 Midterm Exams

ECON 312   MIDTERM EXAMS

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Question 1. Question : (TCO 1) As a consequence of the condition of scarcity

Question 2. Question : (TCO 1) The opportunity cost of constructing a new public highway is the

Question 3. Question : (TCO 1) Which situation would most likely cause a nation's production possibilities curve to shift inward?

Question 4. Question : (TCO 1) Which expression is another way of saying "marginal cost"?

Question 5. Question : (TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the

Question 6. Question : (TCO 1) The Soviet Union economy of the 1980s would best be classified as

Question 7. Question : (TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through

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


Question 9. Question : (TCO 1) Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental question?

Question 10. Question : (TCO 1) A major problem with state ownership of resources is that it does not

Question 11. Question : (TCO 2) An increase in product price will cause:

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

Question 13. Question : (TCO 2) Black markets are associated with

Question 14. Question : (TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil will

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

Question 16. Question : (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
Question 17....