ECON 312 MIDTERM EXAMS

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Question 1. Question : (TCO 1) As a consequence of the condition of scarcity Question 2. Question : (TCO 1) The opportunity cost of constructing a new public highway is the Question 3. Question : (TCO 1) Which situation would most likely cause a nation's production possibilities curve to shift inward? Question 4. Question : (TCO 1) Which expression is another way of saying "marginal cost"? Question 5. Question : (TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the Question 6. Question : (TCO 1) The Soviet Union economy of the 1980s would best be classified as Question 7. Question : (TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through Question 8. Question : (TCO 1) Laissez-faire capitalism is characterized by

Question 9. Question : (TCO 1) Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental question? Question 10. Question : (TCO 1) A major problem with state ownership of resources is that it does not Question 11. Question : (TCO 2) An increase in product price will cause: Question 12. Question : (TCO 2) At the point where the demand and supply curves intersect Question 13. Question : (TCO 2) Black markets are associated with Question 14. Question : (TCO 2) An increase in demand for oil along with a simultaneous increase in supply of oil will Question 15. Question : (TCO 2) For most products, purchases tend to fall with decreases in buyers' incomes. Such products are known as Question 16. Question : (TCO 2) When the price of a product is increased 10 percent, the quantity