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5 Written Questions

5 Matching Questions

  1. Tradeoffs
  2. Intellectual Property
  3. Skill for Comparative Advantage
  4. Absolute Advantage
  5. Opportunity Cost
  1. a produce a product faster and better than any other, that skill should be exploited
  2. b deciding the what, how and for whom (Do we tax the rich to give to the poor?)
  3. c intangible products such as books, music, computer programs
  4. d cost of accepting one action over another, losing the benefit of what is rejected, hoping that the benefit of your choice exceeds the cost of what is lost
  5. e only 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 Multiple Choice Questions

  1. Firms: 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
  2. the cost of an activity
  3. 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)
  4. cost of accepting one action over another, losing the benefit of what is rejected and hoping the benefit exceeds the cost of what is lost
  5. building, plant, equipment

5 True/False Questions

  1. Economicshow to make the best choices on a smaller level (individual/business)

          

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

          

  3. Comparative Advantageif 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

          

  4. When environment exists where property can be stoleneffort/resources used in order to protect said property

          

  5. Financial Propertystocks, bonds, savings accounts

          

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