Fundamentals in Economics

Extra value obtained from one more unit

• marginal utility
• marginal product
• marginal cost
• marginal analysis

The opportunity cost of increasing production from 7 to 9 trucks is

• 1 boat
• 2 boats
• 2 trucks
• 3 boats

Ratio of amount of output per unit of input

• productivity
• marginalism
• game theory
• perfect competition

What is the fundamental problem of every society?

• labor costs
• scarcity
• economic interdependence
• market fluctuation

If a natural disaster strikes, the production possibilities curve can shift

• No shift
• Inward
• Outward
• Outward on one axis only

Increase in total cost when output is increased by one unit

• marginal utility
• marginal product
• marginal costs
• marginal analysis

The opportunity cost of moving from A to B and C to D is

• 10 units of butter
• 10 units of guns
• 0 units of butter
• 25 units of guns

The people who bring all the factors together to create something are practicing

• Land
• Labor 
• Capital
• Entrepreneurship

Resources (a.k.a. the factors of production are)

• Land and Labor
• Land and Capital 
• Entrepreneurship
• Land, Labor, Capital and Entrepreneurship

Raw materials (i.e. cotton, oil...etc.)

• Land
• Labor 
• Capital
• Entrepreneurship