Devry ECO312 midterm exam

Aug 3rd, 2016
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Question 1.1. (TCO 1) What is the economic meaning of the expression that "There is no such thing as a free lunch?" (Points : 3) It refers to "free-riders," who do not pay for the cost of a product but who receive the benefit from it. It means that economic freedom is limited by the amount of income available to the consumer. It means that there is an opportunity cost when resources are used to provide "free" products. It indicates that products only have value because people are willing to pay for them. Question 2.2. (TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if (Points : 3) the book will give him utility. his income is high. the marginal cost of the book is greater than its marginal benefit. the marginal benefit of the book is greater than its marginal cost. Question 3.3. (TCO 1) Which situation would most likely cause a nation's production possibilities curve to shift inward? (Points : 3) The construction of more capi

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Devry ECO312 midterm examAnswer already highlightedQuestion 1.1. (TCO 1) What is the economic meaning of the expression that "There is no suchthing as a free lunch?" (Points : 3)It refers to "free-riders," who do not pay for the cost of a product but who receive the benefitfrom it.It means that economic freedom is limited by the amount of income available to the consumer.It means that there is an opportunity cost when resources are used to provide "free" products.It indicates that products only have value because people are willing to pay for them.Question 2.2. (TCO 1) Henry wants to buy a book. The economic perspective suggests thatHenry will buy the book if (Points : 3)the book will give him utility.his income is high.the marginal cost of the book is greater than its marginal benefit.the marginal benefit of the book is greater than its marginal cost.Question 3.3. (TCO 1) Which situation would most likely cause a nation's productionpossibilities curve to shift inward? (Points : 3)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 conflictQuestion 4.4. (TCO 1) Which expression is another way of saying "marginal benefit"? (Points :3)Benefits given upUnintended gainEmployment benefitsExtra benefitQuestion 5.5. (TCO 1) Which would not be considered as a capital resource of a business by aneconomist? (Poin

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