Econ 312 Week 4 Midterm Exam

ECON 312 Week 4 Midterm Exam
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• (TCO 1) As a consequence of the condition of scarcity
• (TCO 1) The opportunity cost of constructing a new public highway is the
• (TCO 1) A nation can increase its production possibilities by
• (TCO 1) Which expression is another way of saying “marginal benefit”?
• (TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the
• (TCO 1) The Soviet Union economy of the 1980s would best be classified as
• (TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through
• (TCO 1) Consumers express self-interest when they
• (TCO 1) Which is not one of the five fundamental questions that an economy must deal with?
• (TCO 1) The major “success indicator” for business managers in command economies like the Soviet Union and China in the past was
• (TCO 2) An increase in demand means that
• (TCO 2) At the point where the demand and supply curves intersect
• (TCO 2) Black markets are associated with
• (TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil will
• (TCO 2) If Product Y is an inferior good, a decrease in consumer incomes will
• (TCO 2) If the price elasticity of demand for a product is equal to 0.5, then a 10 percent decrease in price will increase quantity demanded by
• (TCO 2) Total revenue falls as the price of a good is raised, if the demand for the good is
• (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 1.   To increase total revenues, you should:
• (TCO 2) A state government wants to increase the taxes on cigarettes to increase tax revenue.   This...