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5 Written Questions

5 Matching Questions

  1. Financial Property
  2. Real Property
  3. Marginal Analysis
  4. Absolute Advantage
  5. Firm vs. Market
  1. a stocks, bonds, savings accounts
  2. b building, plant, equipment
  3. c means of taking no action where the marginal cost exceeds the marginal benefit
  4. d 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. e 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

5 Multiple Choice Questions

  1. effort/resources used in order to protect said property
  2. deciding the what, how and for whom (Do we tax the rich to give to the poor?)
  3. The Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)
  4. graphs the relationship between price and demand on an individual basis and market basis
  5. intangible products such as books, music, computer programs

5 True/False Questions

  1. When Property Rights are enforcedincentive to specialize and produce goods in which you have comparative advantage to maximize use of said property


  2. How Markets WorkOnly work when property rights exist


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


  4. Law of Supplyhigher the price the market is willing to pay, the greater is the quantity supplied


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


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