Econ 312 Week 4 Midterm Exam Essay

1251 Words Oct 8th, 2015 6 Pages
ECON 312 Week 4 Midterm Exam

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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
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The cost

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

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