ECON 312N Week 4 Midterm Exam 2021

(TCO 1) As a consequence of the condition of scarcity (TCO 1) The opportunity cost of constructing a new public highway is the (TCO 1) A nation can increase its production possibilities by (TCO 1) Which expression is another way of saying “marginal benefit”? (TCO 1) The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the (TCO 1) The Soviet Union economy of the 1980s would best be classified as (TCO 1) The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through (TCO 1) Consumers express self-interest when they (TCO 1) Which is not one of the five fundamental questions that an economy must deal with? (TCO 1) The major “success indicator” for business managers in command economies like the Soviet Union and China in the past waspr