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Eco312 final exam Questions




Question;Question 1. 1. (TCO 1) When a state government chooses to;build more roads, the required resources are no longer available for spending;on public education. This dilemma;illustrates the concept of (Points: 4);production;expenses.;unemployment;issues.;unintended;consequences.;opportunity cost.;Question 2. 2. (TCO1) Which is not a factor of production?;(Points: 4);Money;Land;Labor;Capital;Question 3. 3. (TCO1) A point on the production possibilities;curve is (Points: 4);attainable and resources are;fully employed.;attainable, but;resources are unemployed.;unattainable;but resources are unemployed.;unattainable;and resources are fully employed.;Question 4. 4. (TCO1) A basic characteristic of a command;system is that (Points: 4);wages paid to;labor are higher.;government owns most economic;resources.;free markets;are never permitted in a command economy.;government;planners play a limited role in deciding what goods will be produced.;Question 5. 5. (TCO 2) The demand curve is a representation;of the relationship between the quantity of a product demanded and (Points: 4);supply.;wealth.;price.;income.


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