ECON 312 Final Exam-Summer A

Aug 6th, 2016
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1. (TCO 1) Opportunity cost is best defined as (Points : 4) marginal cost minus marginal benefit. the time spent on an economic activity. the value of the best forgone alternative. the money cost of an economic decision. 2. (TCO1) Which is not a factor of production? (Points : 4) Money Land Labor Capital 3. (TCO1) A point outside the production possibilities curve is (Points : 4) attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 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

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ECON 312 Final Exam-Summer A1. (TCO 1) Opportunity cost is best defined as (Points : 4)marginal cost minus marginal benefit.the time spent on an economic activity.the value of the best forgone alternative.the money cost of an economic decision.2. (TCO1) Which is not a factor of production? (Points : 4)MoneyLandLaborCapital3. (TCO1) A point outside the production possibilities curve is (Points : 4)attainable, but there is not full employmentattainable, but there is not optimal allocationunattainable because the economy is inefficientunattainable because of limited resources4. (TCO1) A basic characteristic of a command system is that (Points : 4)wages paid to labor are highergovernment owns most economic resourcesfree markets are never permitted in a command economygovernment planners play a limited role in deciding what goods will be produced5. (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 demandedAn increase in the price of pizza causes an increase in the quantity of pizza demandedAn increase in the price of hamburgers causes a decrease in the quantity of hamburgersdemandedA decrease in the price of turkey sandwiches causes a decrease in the quantity of turkeysandwiches demanded6. (TCO 2) A decrease in supply and a decrease in demand will (Points : 4)increase price and affect the equilibrium quantity in an indeterminate waydecrease the equilibrium quantit

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