Econ 103 exam 1 prep - Study guides, Class notes & Summaries

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ECON 103 Exam 1 Prep
Exam (elaborations) • 7 pages • 2024

ECON 103 Exam 1 Prep ECON 103 Exam 1 Prep ECON 103 Exam 1 Prep

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SFU ECON 103 SAMPLE MIDTERM 1 QUESTIONS AND ANSWERS COMPLETE 2024 PREP SIMON FRASER UNIVERSITY
Exam (elaborations) • 40 pages • 2024

SFU ECON 103 SAMPLE MIDTERM 1 QUESTIONS AND ANSWERS COMPLETE 2024 PREP SIMON FRASER UNIVERSITY Sample Midterm 1 Answers Unless told otherwise, assume throughout that demand curves slope downwards and supply curves slope upwards. 1. Which of the following statements about opportunity cost is TRUE? I. Opportunity cost is equal to implicit costs plus explicit costs. II. Opportunity cost only measures direct monetary costs. III. Opportunity cost accounts for alternative uses of resou...