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5 Written questions

5 Matching questions

  1. Real Property
  2. Skill for Comparative Advantage
  3. Tradeoffs
  4. Absolute Advantage
  5. Market Place vs. Market Network
  1. a produce a product faster and better than any other, that skill should be exploited
  2. b building, plant, equipment
  3. c 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
  4. d markets are not necessarily a place, but a network such as the food market; transactions are facilitated by making deals with the use of telephone equipment, fax machines, computers, etc.
  5. e deciding the what, how and for whom (Do we tax the rich to give to the poor?)

5 Multiple choice questions

  1. higher the price of good/service, smaller the quantity demanded
  2. graphs the relationship between price and demand on an individual basis and market basis
  3. combination of things you will likely produce at a given time with the resources you have
  4. measure of willingness and ability to pay
  5. the benefit that arises from an increase of activity

5 True/False questions

  1. When environment exists where property can be stolenincentive to specialize and produce goods in which you have comparative advantage to maximize use of said property


  2. Economicssocial science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices


  3. Principal of Decreasing Marginal Benfitgoes down the more we have something


  4. Comparative or Absolute Better?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. Limit to producing on the production possibilitiesmeasure whether or not the production of another product is good, if its profits are less than what you could have gotten from the sale of the other


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