NAME

Question Types


Start With


Question Limit

of 21 available terms

Advertisement Upgrade to remove ads

5 Written Questions

5 Matching Questions

  1. Scientific thinking
  2. Microeconomics
  3. Marginal
  4. Transaction costs
  5. Property rights
  1. a The rights to use, control, and obtain the benefits from a good or service.
  2. b Developing a theory from basic principles and testing it against events in the real world. Good theories are consistent with and help explain real world events. Theories that are inconsistent with the real world are invalid and must be rejected.
  3. c The branch of economics that focuses on how human behavior affects the conduct of affairs within narrowly defined units, such as individual households or business firms.
  4. d The time, effort, and other resources needed to search out, negotiate and complete an exchange.
  5. e Term used to describe the effects of a change in the current situation. For example, a producer's marginal cost is the cost of producing an additional unit of a product, given the producer's current facility and production rate.

5 Multiple Choice Questions

  1. erroneous view that what is true for the individual will always be true for the group.
  2. Human-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.
  3. "other things constant" is used when the effect of one change is being described, recognizing that if other things changed, they also could affect the result. Economists often describe the effects of one change, knowing that in the real world, other things might change and also exert an effect.
  4. The branch of economics that focuses on how human behavior affects outcomes in highly aggregated markets, such as the markets for labor or consumer products.
  5. a fact based on observable phenomena that is not influenced by differences in personal opinion.

5 True/False Questions

  1. ScarcityFundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.

          

  2. MiddlemanTerm used to describe the effects of a change in the current situation. For example, a producer's marginal cost is the cost of producing an additional unit of a product, given the producer's current facility and production rate.

          

  3. Private-property rightsThe rights to use, control, and obtain the benefits from a good or service.

          

  4. ResourceAn input used to produce economic goods. Land, labor, skills, natural resources, and capital are examples. Throughout history, people have struggled to transform available, but limited, resources into things they would like to have-economic goods.

          

  5. Secondary effectsFundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.

          

Create Set