Final Exam

The Market economic system is most closely associated with the

• factors of production

• natural resources

• 1. The Production Possibilities Curve 

• Marginal product of labor

Resources used to make goods and services are

• 1.  Work, labor, and capital and entrepreneurship.

• 1.  land, Trees, and capital and entrepreneurship.

• 1.  land, labor, and capital and entrepreneurship.

• 1.  land, labor, and Money and entrepreneurship.

The Production Possibilities Curve Graph that shows alternate ways to use a country’s resources. On the line is ______

• efficient

•  underutilization

• economic growth.

The Production Possibilities Curve Graph that shows alternate ways to use a country’s resources. A point to the left of the cure is

• efficient

•  underutilization

• economic growth.

The Production Possibilities Curve Graph that shows alternate ways to use a country’s resources. A point to the right is

• efficient

•  underutilization

• economic growth.

1. = marginal cost then you are producing at maximum efficiency

• Marginal Revenue

• Marginal Cost

• Monopoly

1. Total revenue ( sign < or >) total cost then the business makes a profit

• >

• <

1. Total revenue < total cost business has a loss 

   1. Total revenue < variable cost

      1. This causes the business to shut down

• < ; < ; Shut down

• < ; > ; grow

• < ; > ; Shut Down

1. The change in output from hiring one more worker is the __.

• Marginal Revenue

• Comparative advantage

• Absolute Advantage

• Marginal product of labor

1. At the point your profit starts to decrease you would _____ the additional worker. 

• hire

• lay off

• give a raise