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5 Written questions

5 Matching questions

  1. Marginal Benefit
  2. Tradeoffs
  3. When environment exists where property can be stolen
  4. Principal of Decreasing Marginal Benfit
  5. Adam Smith
  1. a effort/resources used in order to protect said property
  2. b goes down the more we have something
  3. c measure of willingness and ability to pay
  4. d The Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)
  5. e deciding the what, how and for whom (Do we tax the rich to give to the poor?)

5 Multiple choice questions

  1. means of taking no action where the marginal cost exceeds the marginal benefit
  2. the benefit that arises from an increase of activity
  3. how to make the best choices on a smaller level (individual/business)
  4. Comparative > Absolute; problem is that you my be able to produce something with less cost, but may not be very profitable (ex. Braille bumper stickers)
  5. produce a product faster and better than any other, that skill should be exploited

5 True/False questions

  1. Measure of Production Possibilities Curvecombination of things you will likely produce at a given time with the resources you have

          

  2. Limit to producing on the production possibilitiesmarginal cost; production must not exceed the point to where marginal costs exceed marginal revenue

          

  3. Firm vs. MarketFirms: econ unit that hires factors of production and organizes those factors to produce and sell goods and services
    Markets: are any arrangement that enables buyers and sellers to get info and do business w/ each other

          

  4. Comparative Advantageonly exists if you are able to produce a product at a lower cost; ability of a firm to produce a specific good with fewer resources than its competitors

          

  5. How Markets Workthe cost of an activity

          

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