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5 Written questions

5 Matching questions

  1. theory of comparative advantage
  2. model
  3. market
  4. normative economics
  5. marginal analysis
  1. a analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action
  2. b making decisions based upon weighing the marginal benefits and costs of that action. the rational decision maker chooses an action if the MB>=MC
  3. c specialization and free trade will benefit all trading parties, even those that may be absolutely more efficient producers
  4. d a formal statement of a theory, describing the relationship between two or more variables
  5. e the institution through which buyers and sellers interact and engage in exchange

5 Multiple choice questions

  1. the assumption that economic actors are consistent and logical in making choices
  2. a general statement of cause and effect, action and reaction, involves a model
  3. the amount that a product sells for per unit
  4. under a free market system, individual producers must figure out how to plan, organize, and coordinate the production of products and services
  5. exists if a producer can produce more of a good than all other producers

5 True/False questions

  1. marginal benefit (MB)the additional cost incurred from the consumption of the next unit of a good or service

          

  2. marginal cost (MC)the additional cost incurred from the consumption of the next unit of a good or service

          

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

          

  4. consumer sovereigntygoods produced for present consumption

          

  5. positive economicsanalyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action

          

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