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5 Written questions

5 Matching questions

  1. Principal of Decreasing Marginal Benfit
  2. Intellectual Property
  3. Comparative Advantage
  4. Four Major Factors of Production
  5. How Markets Work
  1. a Only work when property rights exist
  2. b land, labor, capital and entrepreneurship
  3. c intangible products such as books, music, computer programs
  4. d if you have a skill by which you can produce a product faster and better than any other, then that skill should be exploited; ability of a firm to produce a specific good at a lower cost than competitors
  5. e goes down the more we have something

5 Multiple choice questions

  1. social science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices
  2. the cost of an activity
  3. measure of willingness and ability to pay
  4. higher the price the market is willing to pay, the greater is the quantity supplied
  5. 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 True/False questions

  1. Opportunity Costthe cost of an activity


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


  3. Opportunity Costthe cost of an activity


  4. Microeconomicshow to make the best choices on a smaller level (individual/business)


  5. Marginal Analysismeans of taking no action where the marginal cost exceeds the marginal benefit


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