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ECO312 Devry Midterm Exam Latest 2015

Midterm exam answers for an economics course.

Amelia Ward
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DevryECO312MidtermExamLatest 2015QuestionQuestion 1. Question : (TCO 1) As a consequence of the condition of scarcitythere is never enough of anything.production has to be centrally planned.things which are plentiful have relatively highprices.individuals and communities have to make choices from among alternatives.Chapter 1Points Received:Comments:Question 2. Question : (TCO 1) The idea in economics that "there is no free lunch" means thatbusinesses would go bankrupt if they offered free lunches.the thought of a free lunch is often better than the reality of consuming it.there are opportunity costs involved when scarce resources are used up for "free" lunches.businesses use free lunches to attract customers but this advertising practice is inefficient.Chapter 1Points Received:Comments:Question 3. Question : (TCO 1) Which situation would most likely cause a nation's productionpossibilities curve to shift inward?The construction of more capital goodsAn increase in discrimination based on raceAn increase in the number of skilled immigrant workersThe destruction from bombing and warfare in a losing military conflictChapter 1Points Received:Comments:Question 4. Question : (TCO 1) Which expression is another way of saying "marginal cost"?Scarce resourcesAdditional costOpportunity cost

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Document Details

University
DeVry University
Course
ECO 312
Subject
Economics

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