Devry ECO312 Final Exam /Devry ECO312 Final Exam /Devry ECO312 Final Exam
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
production expenses.
unemployment issues.
unintended consequences.
opportunity cost.
Question 2.2. (TCO1) Which is not a factor of production?
Money
Land
Labor
Capital
Question 3.3. (TCO1) A point on the production possibilities curve is
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
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.
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