ECON 1B03 Study Guide - Midterm Guide: Pencil, Marginal Cost, Marginal Utility
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ECON 1B03 Full Course Notes
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Make sure you carefully fill in the bubbles. You must fill in your student number, and version number. On the scan sheet or your grade will not be recorded and you will. Hand in the scan sheet and this test copy. Identify the choice that best completes the statement or answers the question. ___: one definition of equity would be, equality, efficiency, similarity. fairness. ___: after much consideration, you have chosen cancun over ft. lauderdale for your spring break trip this year. ___: the curved shape of the production possibilities frontier can be explained by increasing cost of production, constant cost of production, scarcity, economic growth. ___: refer to figure 2-3 on the previous page. Page 3 of 11: a, c, d, c, c, d. ___: the production possibilities frontier is bowed outward if resources are not perfectly shiftable. the amount of resources increases. the level of technology increases, both b and c are correct.
