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ECON 312 Midterm Exam (Version 1)




Question;ECON 312 Week 4 Midterm - Version 1(ECON 312 Principles of Economics - DeVry)Question 1. (TCO 1) As a consequence of the condition of scarcityQuestion 2. (TCO 1) The opportunity cost of constructing a new public highway is theQuestion 3. (TCO 1) A nation can increase its production possibilities byQuestion 4. (TCO 1) Which expression is another way of saying "marginal benefit"?Question 5. (TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called theQuestion 6. (TCO 1) The Soviet Union economy of the 1980s would best be classified asQuestion 7. (TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services throughQuestion 8. (TCO 1) Consumers express self-interest when theyQuestion 9. (TCO 1) Which isnot one of the five fundamental questions that an economy must deal with?Question 10. (TCO 1) The major "success indicator" for business managers in command economies like the Soviet Union and China in the past wasQuestion 11. (TCO 2) An increase in demand means thatQuestion 12. (TCO 2) At the point where the demand and supply curves intersectQuestion 13. (TCO 2) Black markets are associated withQuestion 14. (TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil willQuestion 15. (TCO 2) If Product Y is an inferior good, a decrease in consumer incomes willQuestion 16. (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 byQuestion 17. TCO 2) Total revenue falls as the price of a good is raised, if the demand for the good isQuestion 18. (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:Question 19. (TCO 2) A state government wants to increase the taxes on cigarettes to increase tax revenue. This tax would only be effective in raising new tax revenues if the price elasticity of demand isQuestion 20. (TCO 2) When universities announce a large tuition increase and follow it with an announcement that more financial aid will be available, they are assuming that students who pay full tuitionQuestion 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 isQuestion 22. (TCO 3) Economic profits are equal toQuestion 23. (TCO 3) The main difference between the short run and the long run is thatQuestion 24. (TCO 3) The law of diminishing returns only applies in cases whereQuestion 25. (TCO 3) Marginal cost can be defined as theQuestion 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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