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5 Written Questions

5 Matching Questions

  1. absolute advantage
  2. Ockham's razor
  3. production
  4. price
  5. production possibility frontier (PPF)
  1. a exists if a producer can produce more of a good than all other producers
  2. b the process by which resources are transformed into useful forms
  3. c the amount that a product sells for per unit
  4. d a graphical illustration that shows the maximum quantity of one good that can be produced, given the quantity of the other good being produced
  5. e principle that irrelevant detail should be cut away

5 Multiple Choice Questions

  1. refers to the collection and use of data to test economic theories
  2. a formal statement of a theory, describing the relationship between two or more variables
  3. a general statement of cause and effect, action and reaction, involves a model
  4. studies economic behavior without making judgements--describes what exists and how it works
  5. the institution through which buyers and sellers interact and engage in exchange

5 True/False Questions

  1. marginala measure that can change from observation to observation

          

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

          

  3. consumer sovereigntythe idea that consumers ultimately dictate what will be produced (or not produced) by choosing what to purchase (and what not to purchase)

          

  4. specializationwhen firms focus their resources on production of goods for which they have comparative advantage

          

  5. trade-offsscarce resources imply that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs

          

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