ECON 312 Wk 4 Midterm Exam
Set # 1
(TCO 1) What is the economic meaning of the expression that “There is no such thing as a free lunch?”
(TCO 1) The idea in economics that “there is no free lunch” means that
(TCO 1) Which situation would most likely cause a nation’s production possibilities curve to shift inward?
(TCO 1) Which expression is another way of saying “marginal cost”?
(TCO 1) Which is not a factor of production?
(TCO 1) Another term for capitalism is
(TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through
(TCO 1) Laissez-faire capitalism is characterized by
(TCO 1) Consumer sovereignty and “dollar votes” guide the market system in dealing with which fundamental question?
(TCO 1) A characteristic of centrally planned economies is that
(TCO 2) The quantity demanded of a product increases as its price declines because the
(TCO 2) At the point where the demand and supply curves intersect
(TCO 2) If an effective price ceiling is placed on hamburgers then
(TCO 2) A headline reads “Lumber Prices Up Sharply” In a competitive market, this situation would lead to a(n)
(TCO 2) For most products, purchases tend to fall with decreases in buyers’ incomes Such products are known as?
(TCO 2) If the price-elasticity coefficient for a good is 75, the demand for that good is described as?
(TCO 2) Demand is said to be inelastic when:
(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
(TCO 2) If the demand for a product is elastic,...