Econ212 Midterm Essay Example

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1. | Question : | (TCO 1) As a student of economics, when you speak of scarcity, you are referring to the ability of society to | | | Student Answer: | | employ all of its resources. | | | | consume all that is produced. | | | | satisfy economic wants given limited resources. | | | | continually make technological breakthroughs and increase production. | | Instructor Explanation: | Chapter 1 | | | | Points Received: | 3 of 3 | | Comments: | | | |

2. | Question : | (TCO 1) The opportunity cost of constructing a new public highway is the | | | Student Answer: | | money cost of hiring contractors and construction workers for the new highway. | | | | value of other goods and services that must be sacrificed to construct the new highway. | | | | expected cost of constructing the new highway in a future year. | | | | value of shorter driving times and distances when the new highway is completed. | | Instructor Explanation: | Chapter 1 | | | | Points Received: | 3 of 3 | | Comments: | | | |

3. | Question : | (TCO 1) A nation can increase its production possibilities by | | | Student Answer: | | shifting resources from investment good production to consumer good production. | | | | shifting resources from private goods to public goods. | | | | improving labor productivity. | | | | eliminating discrimination. | | Instructor Explanation: | Chapter 1 | | | | Points Received: | 0 of 3 | | Comments: | | | |

4. | Question : | (TCO 1) Which expression is another way of saying "marginal cost"? | | | Student Answer: | | Scarce resources | | | | Additional cost | | | | Opportunity cost | | | | Unrecognized cost | | Instructor Explanation: | Chapter 1 | | | | Points Received: | 3 of 3 | | Comments: | | | |

5. | Question : |