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5 Written questions

5 Matching questions

  1. marginal analysis
  2. ceteris paribus
  3. capital goods
  4. free enterprise
  5. efficiency
  1. a the ability to produce what people want at the least possible cost
  2. b holding all else equal assumption
  3. c under a free market system, individual producers must figure out how to plan, organize, and coordinate the production of products and services
  4. d making decisions based upon weighing the marginal benefits and costs of that action. the rational decision maker chooses an action if the MB>=MC
  5. e goods used to produce other goods or services over time

5 Multiple choice questions

  1. the institution through which buyers and sellers interact and engage in exchange
  2. the branch of economics that examines the economic behavior of aggregates--income, output, employment, and so on--on a national scale
  3. exists if a producer can produce at a lower opportunity cost than all other producers
  4. the next unit or increment of an action
  5. a central government either directly or indirectly sets output targets, income, and prices

5 True/False questions

  1. laissez-faire economya central government either directly or indirectly sets output targets, income, and prices

          

  2. marginal benefit (MB)the additional benefit received from the consumption of the next unit of a good or service

          

  3. allocative efficiencyproduction 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

          

  4. theoryfairness of economic outcomes

          

  5. scarcitythe fact of limited resources in a world of unlimited material human wants

          

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