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ECON 312 Midterm Exam 1

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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

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.

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.

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 4

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

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

3. (TCO 1) A nation can increase its production possibilities by

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

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

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

7. (TCO 1) The simple circular-flow model shows that workers, entrepreneurs,

8. (TCO 1) Consumers express self-interest when they

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

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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