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5 Written Questions

5 Matching Questions

  1. marginal benefit (MB)
  2. stability
  3. macroeconomics
  4. price
  5. equity
  1. a the additional benefit received from the consumption of the next unit of a good or service
  2. b the branch of economics that examines the economic behavior of aggregates--income, output, employment, and so on--on a national scale
  3. c fairness of economic outcomes
  4. d the amount that a product sells for per unit
  5. e the condition in which output is steady or growing, with low inflation and full employment of resources

5 Multiple Choice Questions

  1. involves building models of behavior, making statements about cause and effect, action and reaction
  2. a general statement of cause and effect, action and reaction, involves a model
  3. the fact of limited resources in a world of unlimited material human wants
  4. a formal statement of a theory, describing the relationship between two or more variables
  5. exists if a producer can produce more of a good than all other producers

5 True/False Questions

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

          

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

          

  3. investmentthe institution through which buyers and sellers interact and engage in exchange

          

  4. productive 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

          

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

          

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