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5 Written questions

5 Matching questions

  1. investment
  2. theory of comparative advantage
  3. free enterprise
  4. model
  5. opportunity cost
  1. a under a free market system, individual producers must figure out how to plan, organize, and coordinate the production of products and services
  2. b a formal statement of a theory, describing the relationship between two or more variables
  3. c the process of using resources to produce new capital
  4. d specialization and free trade will benefit all trading parties, even those that may be absolutely more efficient producers
  5. e the best alternative that we forgo, or give up, when we make a choice or a decision

5 Multiple choice questions

  1. a graphical illustration that shows the maximum quantity of one good that can be produced, given the quantity of the other good being produced
  2. the next unit or increment of an action
  3. the more of a good that is produced, the greater the opportunity cost of producing the next unit of that good
  4. a central government either directly or indirectly sets output targets, income, and prices
  5. a market in which profit opportunities are eliminated almost instantaneously

5 True/False questions

  1. productionthe amount that a product sells for per unit

          

  2. economicsthe branch of economics that examines the economic behavior of aggregates--income, output, employment, and so on--on a national scale

          

  3. Ockham's razorprinciple that irrelevant detail should be cut away

          

  4. allocative efficiencyproduction of maximum output for a given level of technology and resources - includes all points on the PPF

          

  5. specializationthe condition in which output is steady or growing, with low inflation and full employment of resources

          

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