What are resources called that are scarce and require decisions on how they are used within an economy?

• Natural resources

• Economic resources

• Human resources

• Capital resources

What is geographical immobility?

• When workers can easily move for work

• When workers are unable to move to new locations for work

• When workers frequently change jobs

• When workers are highly mobile

What are "Managerial economies of scale"?

• Cost savings from increased production

• Benefits from greater use of division of labour and specialization

• Increased costs due to larger scale operations

• Reduced efficiency in large organizations

What defines a monopoly?

• A market with many small firms

• A single firm with over 25% market share

• A market with no dominant firm

• A market with only two firms

What is opportunity cost?

• The cost of the next best alternative foregone

• The cost of all alternatives

• The cost of the chosen option

• The cost of the least expensive option

What is the formula for calculating price elasticity of supply?

• % change in quantity supplied / % change in price

• % change in price / % change in quantity supplied

• % change in demand / % change in supply

• % change in supply / % change in demand

What is the term for larger firms reducing risks by selling a variety of goods or to various markets?

• Risk bearing economies of scale

• Purchasing economies of scale

• Market diversification

• Product differentiation

What is the main characteristic of a perfectly competitive market?

• Firms have significant control over prices

• There are many buyers and sellers with no control over prices

• Firms produce differentiated products

• There is only one seller in the market

What is the term for the cost advantages that a business obtains due to expansion?

• Economies of scale

• Diseconomies of scale

• Marginal cost

• Opportunity cost

What is the term for a market structure where a few firms dominate the market?

• Oligopoly

• Monopoly

• Perfect competition

• Monopolistic competition