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5 Written questions

5 Matching questions

  1. variable
  2. command economy
  3. allocative efficiency
  4. production
  5. normative economics
  1. a a measure that can change from observation to observation
  2. b production of the combination of goods and services that provides the most net benefit to society. the optimal quantity of a good is achieved when MB=MC of the next unit. This only occurs at one point on the PPF
  3. c analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action
  4. d the process by which resources are transformed into useful forms
  5. e a central government either directly or indirectly sets output targets, income, and prices

5 Multiple choice questions

  1. refers to the collection and use of data to test economic theories
  2. specialization and free trade will benefit all trading parties, even those that may be absolutely more efficient producers
  3. making decisions based upon weighing the marginal benefits and costs of that action. the rational decision maker chooses an action if the MB>=MC
  4. a market in which profit opportunities are eliminated almost instantaneously
  5. the branch of economics that examines the economic behavior of aggregates--income, output, employment, and so on--on a national scale

5 True/False questions

  1. economicsthe study of how individuals, firms, and societies choose to use their scarce resources to provide for their unlimited material wants


  2. free enterprisefactors of production - include labor, physical capital, land or natural resources, and entrepreneurial ability


  3. law of increasing coststhe more of a good that is produced, the greater the opportunity cost of producing the next unit of that good


  4. marketthe institution through which buyers and sellers interact and engage in exchange


  5. valuethe institution through which buyers and sellers interact and engage in exchange


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