1-econ - 1. (TCO 1) Opportunity cost is best defined as...

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Unformatted text preview: 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 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) The demand curve is a representation of the relationship between the quantity of a product demanded and (Points : 4) supply. wealth.------- price. income. 6. (TCO 2) A decrease in supply and a decrease in demand will (Points : 4) increase price and affect the equilibrium quantity in an indeterminate way. decrease the equilibrium quantity and decrease price. increase the equilibrium quantity and affect price in an indeterminate way....
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