Economics Midterm - Economics Midterm Grade Details There...

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Economics Midterm Grade Details There are 2 pages in this exam: Page:   1 2 1. Question: (TCO 1) Tommy spends most of his monthly budget on  $3   video game rentals  or  $6  packets of  Pokemon cards . The  opportunity cost  to Tommy of 1 More packet of  Pokemon cards  is: Your Answer: Points Received: 3 of 3 Comments: 2. Question: (TCO 1) Which of the following will shift an economy's Production Possibilities Curve (or Production  Possibilities Frontier) to the right (i.e. move outward)? Your Answer:
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Points Received: 0 of 3 Comments: 3. Question: (TCO 1) In the Circular Flow Model, Businesses ___ the resources market and ___ the market for goods  and services. Your Answer: Points Received: 3 of 3 Comments: 4. Question: (TCO 1) The United States has a mixed economy because we: Your Answer: Points Received: 3 of 3 Comments: 5. Question:
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(TCO 1) In the market economy that relies on the law of supply and demand, which of the following does  not  fit with the other: Your Answer: Instructor Explanation: Points Received: 3 of 3 Comments: 6. Question: (TCO 1) The market price system is based on: Your Answer: Points Received: 3 of 3 Comments: 7. Question: (TCO 1) Which of these does ' not'  distinguish capitalism, communism, and socialism from each other: Your Answer:
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Points Received: 0 of 3 Comments: 8. Question: (TCO 1) The old Soviet communist economy: Your Answer: Points Received: 3 of 3 Comments: 9. Question: (TCO 1) The man-made machine type resources used to produce goods and services are called: Your Answer: Points Received: 3 of 3
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Comments: 10. Question: (TCO 1) Which of the following is not an example of entrepreneurship? Your Answer: Points Received: 3 of 3 Comments: 11. Question: (TCO 2) An increase in the price of GM Cars would be most likely to cause: Your Answer: Points Received: 3 of 3 Comments: 12. Question: (TCO 2) An increase in the price of Toyota Cars would be most likely to cause: Your Answer:
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Points Received: 3 of 3 Comments: 13. Question:
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This note was uploaded on 04/03/2011 for the course BSOP 326 taught by Professor James during the Spring '11 term at DeVry Kansas City.

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Economics Midterm - Economics Midterm Grade Details There...

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