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5 Written Questions

5 Matching Questions

  1. Measure of Production Possibilities Curve
  2. Microeconomics
  3. Marginal Benefit
  4. Limit to producing on the production possibilities
  5. Opportunity Cost
  1. a measure 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
  2. b how to make the best choices on a smaller level (individual/business)
  3. c marginal cost; production must not exceed the point to where marginal costs exceed marginal revenue
  4. d the benefit that arises from an increase of activity
  5. e 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 Multiple Choice Questions

  1. 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)
  2. 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
  3. higher the price of good/service, smaller the quantity demanded
  4. The Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)
  5. measure of willingness and ability to pay

5 True/False Questions

  1. Good/Bad of Theory/Modelsreality through politics and imperfect knowledge hints at the flaws of theory


  2. Real Propertybuilding, plant, equipment


  3. Marginal Costthe benefit that arises from an increase of activity


  4. Four Major Factors of ProductionOnly work when property rights exist


  5. Principal of Decreasing Marginal Benfitthe benefit that arises from an increase of activity


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