Essay Econ 312 Wk 4 Midterm Exam
Set # 1
1 Question: (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?
Question 4 (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 …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
(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:
Set # 2
Question1 (TCO 3) Mutual interdependence would tend to limit control over price in which market model?
Question 2 (TCO 3) Local electric or gas utility companies mostly operate in which market model?
Question 3 (TCO 3) The steel and automobile industries would be examples of which market model?
(TCO 3) In pure competition, the demand for the product of a single firm is perfectly
(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, the average total cost