Essay on Econ 312 Week 4 Midterm Exam Answers

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ECON 312 Week 4 Midterm Exam Answers

• (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
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To increase total revenues, you should:
• (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 is
• (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 tuition
• (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 is
• (TCO 3) Economic profits are equal to
• (TCO 3) The main difference between the short run and the long run is that
• (TCO 3) The law of diminishing returns only applies in cases where
• (TCO 3) Marginal cost can be defined as the
• (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? • (TCO 3) Mutual interdependence would tend to limit control over price in which market model?
• (TCO 3) Under which market model are the conditions of entry into the market easiest?
• (TCO 3) The production of agricultural products such as wheat or corn would best be described by which market model?
• (TCO 3) The demand curve faced by a purely competitive firm
• (TCO 3)

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