03 Jun Question Question 1. 1. (TCO 1) When a state
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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