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ECON 312 Midterm Exam

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ECON 312 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

ECON 312 Midterm Exam 2

1. (TCO 3) Which market model assumes the least number of firms in an industry?

2. (TCO 3) Local electric or gas utility companies mostly operate in which market model?

3. (TCO 3) The fast-food restaurants would be an example of which market model?

4. (TCO 3) Sam owns a firm that produces tomatoes in a purely competitive market. The firm's demand curve is

5. (TCO 3) T-Shirt Enterprises is selling in a purely competitive market. It is producing 3,000 units, selling them for $2 each. At this level of output,

6. (TCO 3) A firm should always continue to operate at a loss in the short run if

7. (TCO 3) The short-run supply curve for a competitive firm is the

8. (TCO 3) One feature of pure monopoly is that the monopolist is

9. (TCO 3) Barriers to entry

10. (TCO 3) The demand curve confronting a non discriminating, pure monopolist is

11. (TCO 3) Which is the best example of price discrimination?

12. (TCO 3) Monopolistic competition is characterized by firms

13. (TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will

14. (TCO 3) A unique feature of an oligopolistic industry is

15. (TCO 3) You are told that the four-firm concentration ratio in an industry is 20. Based on this information you can conclude that

16. (TCO 3) A major reason that firms form a cartel is to

17. (TCO 1) Money is not an economic resource because

18. (TCO 1) Refer to the diagram which is based on the Circular Flow Model in Chapter 2. Arrows (3) and (4) represent

19. (TCO 2) Refer to the diagram. A decrease in demand is depicted by a

20. (TCO 2) Refer to the information and assume the stadium capacity is 5,000. If the Mudhens' management charges $7 per ticket

ECON 312 Midterm Exam 3

1. (TCO 3) Mutual interdependence would tend to limit control over price in which market model?

2. (TCO 3) Under which market model are the conditions of entry into the market easiest?

3. (TCO 3) The production of agricultural products such as wheat or corn would best be described by which market model?

4. (TCO 3) The demand curve faced by a purely competitive firm

5. (TCO 3) A profit-maximizing firm in the short run will expand output

6. (TCO 3) A firm should increase the quantity of output as long as its

7. (TCO 3) The short-run supply curve for a competitive firm is the

8. (TCO 3) The classic example of a private, unregulated monopoly is

9. (TCO 3) Barriers to entry

10. (TCO 3) The demand curve confronting a nondiscriminating, pure monopolist is

11. (TCO 3) Which is the best example of price discrimination?

12. (TCO 3) In which industry is monopolistic competition most likely to be found?

13. (TCO 3) Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will

14. (TCO 3) A unique feature of an oligopolistic industry is

15. (TCO 3) A low concentration ratio means that

ECON 312 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 increa
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