04 Jun Question Question 1.1. (TCO 1) When a stat
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) Which is consistent with the law of demand? (Points : 4)
A decrease in the price of tacos causes no change in the quantity of tacos demanded.
An increase in the price of pizza causes an increase in the quantity of pizza demanded.
An increase in the price of hamburgers causes a decrease in the quantity of hamburgers demanded.
A decrease in the price of turkey sandwiches causes a decrease in the quantity of turkey sandwiches demanded.
Question 6.6. (TCO 2) What combination of changes would most likely decrease the equilibrium price? (Points : 4)
When supply decreases and demand increases
When demand increases and supply increases
When demand decreases and supply decreases
When supply increases and demand decreases
Question 7.7. (TCO 2) When the price of movie tickets in a certain town was reduced, the movie theaters’ revenues did not change. This suggests that the demand for movie tickets in that town has a price-elasticity coefficient of (Points : 4)
1.0.
greater than 1.
0.5.
zero.
Question 8.8. (TCO 2) The price elasticity of demand increases with the length of the period considered because (Points : 4)
consumers’ incomes will increase over time.
the demand curve will shift outward as time passes.
all prices will increase over time.
consumers will be better able to find substitutes.
Question 9.9. (TCO 2) A purely competitive firm’s output is such that its marginal cost is $4 and marginal revenue is $5. Hint: remember that MR = P for Pure Competition and the Profit Maximizing rule. Assuming profit maximization, the firm should (Points : 4)
cut its price and raise its output.
raise its price and cut output.
leave price unchanged and raise output.
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