Econ 312 Week 4 Midterm Exam Essay
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ECON 312 Week 4 Midterm Exam
1 Question: (TCO 1) What is the economic meaning of the expression that "There is no such thing as a free lunch?"
Question 2 (TCO 1) The idea in economics that "there is no free lunch" means that
Question 3 (TCO 1) Which situation would most likely cause a nation's production possibilities curve to shift inward?
Question 4 …show more content…
Question 22 (TCO 3) Suppose that a firm produces 200,000 units a year and sells them all for $10 each The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000 The firm earns an accounting profit of
Question 23 (TCO 3) The long run is a period of time, or a time frame, in which
Question 24 (TCO 3) Variable costs are
Question 25 (TCO 3) The phrase "don't cry over spilt milk" could be rephrased in economic terms by saying
Question 26 (TCO 3) If you know that total fixed cost is $200, total variable cost is $600, and total product is four units, then average total cost must be:
Question1 (TCO 3) Mutual interdependence would tend to limit control over price in which market