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ECON 312 Final Exam-Summer A

A solved final exam for ECON 312, covering core economic concepts and market analysis.

Samuel Clark
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1ECON 312 Final Exam-Summer A1.(TCO 1) Opportunity cost is best defined as (Points : 4)marginal cost minus marginal benefit.the time spent on an economic activity.the value of the best forgone alternative.the money cost of an economicdecision.2.(TCO1) Which is not a factor of production? (Points : 4)MoneyLandLaborCapital3.(TCO1) A point outside the production possibilities curve is (Points : 4)attainable, but there is not full employmentattainable, but there is not optimal allocationunattainable because the economy is inefficientunattainable because of limited resources4.(TCO1) A basic characteristic of a command system is that (Points : 4)wages paid to labor are highergovernment owns most economic resourcesfreemarkets are never permitted in a command economygovernment planners play a limited role in deciding what goods will be produced5.(TCO 2) Which is consistent with the law of demand? (Points : 4)A decrease in the price of tacos causes no change in the quantity of tacos demandedAn increase in the price of pizza causes an increase in the quantity of pizza demandedAn increase in the price of hamburgers causes a decrease in the quantity of hamburgersdemandedA decrease in the price of turkey sandwiches causes a decrease in the quantity of turkeysandwiches demanded6.(TCO 2) A decrease in supply and a decrease in demand will (Points : 4)increase price and affect the equilibrium quantity in an indeterminate waydecrease the equilibrium quantity anddecrease priceincrease the equilibrium quantity and affect price in an indeterminate waydecrease the equilibrium quantity and affect price in an indeterminate way7.(TCO 2) You are the sales manager for a software company and have been informed that theprice elasticity of demand for your most popular software is less than one.To increase totalrevenues, you should (Points : 4)

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Document Details

University
Embry-Riddle Aeronautical University
Course
ECON 312
Subject
Economics

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