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5 Written Questions

5 Matching Questions

  1. Demand Curve
  2. Intellectual Property
  3. Marginal Benefit
  4. Opportunity Cost
  5. Real Property
  1. a the benefit that arises from an increase of activity
  2. b intangible products such as books, music, computer programs
  3. c building, plant, equipment
  4. d graphs the relationship between price and demand on an individual basis and market basis
  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. measure of willingness and ability to pay
  2. deciding the what, how and for whom (Do we tax the rich to give to the poor?)
  3. 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
  4. 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. marginal cost; production must not exceed the point to where marginal costs exceed marginal revenue

5 True/False Questions

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

          

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

          

  3. Skill for Comparative Advantageproduce a product faster and better than any other, that skill should be exploited

          

  4. Property Rightssocial arrangements that govern ownership, use, disposal of resources, goods and services

          

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

          

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