ECO312 Production Possibilities Curve

ECO312 Production Possibilities Curve

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. Government planners play a limited role in deciding what goods will be produced.

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