DeVry University ECON312 Final Exam Updated

Apr 2nd, 2015
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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 production expenses.

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? ECON 312 Final Exam DeVry - Updated1. (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 wi

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