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.
2.(TCO1) Which of the following is considered to be an entrepreneur? (Points : 4)
Self-employed person
MBA graduate hired by a firm to be its CEO
Production-line worker
Customer of a firm
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.
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.
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.
6.(TCO 2) A decrease in supply and a decrease in demand will (Points : 4)
increase price and affect the equilibrium quantity in an indeterminate way.
decrease the equilibrium quantity and decrease price.
increase the equilibrium quantity and affect price in an indeterminate way.
decrease the equilibrium quantity and affect price in an indeterminate way.
7.(TCO 2) You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than one. To increase total revenues, you should (Points : 4)
increase the price of the software.
decrease the price of the software.
hold the price of the software constant.
increase the supply of the software.
8.(TCO 2) The elasticity of supply for a product will be 2 if: (Points : 4)
A 1 percent decrease in the price causes a 0.2 percent decrease in quantity supplied
A 2 percent decrease in price causes a 1 percent decrease in quantity supplied
A 1 percent decrease in price causes a 2 percent decrease in quantity supplied
A 2 percent decrease in price causes a 2 percent decrease in quantity supplied
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