DeVry ECON 312 Midterm Exam - Latest
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DeVry ECON 312 Midterm Exam - Latest

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Question 1.1. (TCO 1) As a consequence of the condition of scarcity (Points : 3) there is never enough of anything. production has to be centrally planned. things which are plentiful have relatively high prices. individuals and communities have to make choices from among alternatives.

Question 2.2. (TCO 1) The opportunity cost of constructing a new public highway is the (Points : 3) money cost of hiring contractors and construction workers for the new highway. value of other goods and services that must be sacrificed to construct the new highway. expected cost of constructing the new highway in a future year. value of shorter driving times and distances when the new highway is completed.

Question 3.3. (TCO 1) A nation can increase its production possibilities by (Points : 3) shifting resources from investment good production to consumer good production. shifting resources from private goods to public goods. improving labor productivity. eliminating discrimination.

Question 4.4. (TCO 1) Which expression is another way of saying "marginal benefit"? (Points : 3) Benefits given up Unintended gain Employment benefits Extra benefit

Question 5.5. (TCO 1) Which would not be considered as a capital resource of a business by an economist? (Points : 3) A van used by a mother to transport the family around An office computer used by an accountant A crane used by a building contractor A razor used by a barber

Question 6.6. (TCO 1) The Soviet Union economy of the 1980s would best be classified as