Review

which tends to make economies more efficient?

• specialization

• government involvement

• income redistribution

• regulations for equity

The amount of time it takes to do one additional task is known as:

• Marginal Benefit

• Trade-off

• Marginal Cost

• a pain

A business building a new larger factory is an example of what?

• purchasing stock

• government spending

• an example of investment spending that leads to economic growth

• a consumer buying a house

What does a shortage in the Economy represent?

• a permanent condition in a market suppliers decide to stop making something

• less french fries with you burger

• there are shortages only scarcity

• a temporary condition in a market for a resource good or services

Who encourages innovation?

• Entrepreneurs by developing new products and processes

• The government by providing subsidies

• Unemployed people because they have time

• society does

What type of product resource is a tool used to build something?

• Human Capital

• Entrepreneurship

• A tool

• Physical Capital

What consequence for consumers happens when the Government

deregulates industry restrictions?

• Competition drops

• Prices Drop

• a Recession

• Nothing

On the production possibilities curve below what does the X signify?

• an inefficient use of resources

• an efficient use of resources

• unattainable production combination

• unemployment

On the production possibilities curve below what does the Y signify?

• an inefficient use of resources

• an efficient use of resources

• unattainable production combination

• employment

On the production possibilities curve below what do the A, B, and C signify?

• an inefficient use of resources

• an efficient use of resources

• unattainable production combination

• Not enough info