ECON 312 Final Exam

ECON 312 Final Exam

Author: Christine Farr


1. (TCO 1) As a consequence of the problem of scarcity (Points : 4)there is never enough of anything.individuals have to make choices from among alternatives.production has to be planned by government.things which are plentiful have relatively high prices.Question 2. 2. (TCO1) Money is not considered to be an economic resource because (Points : 4)as such, it is not productive.money is not a free gift of nature.money is made by man.idle money balances do not earn interest income.Question 3. 3. (TCO1) A point inside the production possibilities curve is (Points : 4)attainable and the economy is efficient.attainable, but the economy is inefficient.unattainable, but the economy is inefficient.unattainable and the economy is efficient.Question 4. 4. (TCO1) In a command system (Points : 4)self-interest guides and commands individuals to pursue actions that lead them toward achieving their goals.the head of each family decides what to do with the family's resources.the government makes production and allocation decisions.market traders command what outputs are produced and how they are allocated.Question 5. 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 tacos demanded.An increase in the price of pizza causes an increase in the quantity of pizza demanded.An increase in the price of hamburgers causes a decrease in the quantity of hamburgers demanded.A decrease in the price of turkey sandwiches causes a decrease in the quantity of turkey sandwiches demanded.Question 6. 6. (TCO 2) What combination of changes in supply and demand would most likely increase the equilibrium quantity? (Points : 4)When supply increases and demand increasesWhen supply decreases and demand decreasesWhen supply decreases and demand increasesWhen supply increases and demand decreases

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