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5 Written questions

5 Matching questions

  1. variable
  2. efficient market
  3. marginal cost (MC)
  4. laissez-faire economy
  5. production possibility frontier (PPF)
  1. a allows individual people a firms to pursue their own self-interests without any central direction or regulation
  2. b a graphical illustration that shows the maximum quantity of one good that can be produced, given the quantity of the other good being produced
  3. c the additional cost incurred from the consumption of the next unit of a good or service
  4. d a measure that can change from observation to observation
  5. e a market in which profit opportunities are eliminated almost instantaneously

5 Multiple choice questions

  1. different quantities of goods that an economy can produce with a given amount of scarce resources
  2. the branch of economics that examines the economic behavior of aggregates--income, output, employment, and so on--on a national scale
  3. refers to the collection and use of data to test economic theories
  4. the condition in which output is steady or growing, with low inflation and full employment of resources
  5. the process by which resources are transformed into useful forms

5 True/False questions

  1. marginal analysismaking decisions based upon weighing the marginal benefits and costs of that action. the rational decision maker chooses an action if the MB>=MC


  2. command economyanalyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action


  3. microeconomicsthe branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units--that is, business firms and households


  4. theory of comparative advantagespecialization and free trade will benefit all trading parties, even those that may be absolutely more efficient producers


  5. investmentthe difference between the benefit and the cost of any activity


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