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5 Written questions

5 Matching questions

  1. Microeconomics
  2. Comparative or Absolute Better?
  3. Four Major Factors of Production
  4. Opportunity Cost
  5. Economics
  1. a 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
  2. b social science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices
  3. c 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. d land, labor, capital and entrepreneurship
  5. e how to make the best choices on a smaller level (individual/business)

5 Multiple choice questions

  1. the cost of an activity
  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. effort/resources used in order to protect said property
  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. higher the price of good/service, smaller the quantity demanded

5 True/False questions

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

          

  2. How Markets WorkOnly work when property rights exist

          

  3. Real Propertystocks, bonds, savings accounts

          

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

          

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

          

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