Micro test1

Micro test1 - 1 possibilitiescurve(5pts ,allowingthe .MaxC

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1 ) Desscribe how technoiogical advances will affect the production  possibilities curve. (5pts) Technological advances that occur in a dynamic economy move the  production possibilities curve outward and to the right, allowing the  economy to have larger quantities of both types of goods. Max Characters:  400 2 ) Which is not considered to be an economic resource?  (5pts) land (or natural resources) money + labor tools and machinery 3 ) Which would not be considered as capital (or an economic resource) by an economist?  (5pts) a share of corporate stock issued by General Motors + an automobile used by General Electric a crane used by a building contractor a razor used by a barber 4 ) What are the four economic resources? How is each resource  defined? (5pts)
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land, labor, capital and entrepreneurism ability.  Land: Natural resources  used to produce goods and services. Labor: Thy physical and mental  talents and efforts of people used to produce goods and services. Capital:  Human-made resources used to produce goods and services.  Entrepreneurial ability: The human talent that combines the other  resources to produce a product, make strategic decisions. Max Characters:  400 5 ) Which expression is another way of saying "marginal cost"?  (5pts)
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Micro test1 - 1 possibilitiescurve(5pts ,allowingthe .MaxC

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