NAME

Question types


Start with


Question limit

of 21 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Matching questions

  1. Scarcity
  2. Property rights
  3. Subjective
  4. Utility
  5. Microeconomics
  1. a The subjective benefit or satisfaction a person expects from a choice or course of action.
  2. b The rights to use, control, and obtain the benefits from a good or service.
  3. c Fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.
  4. d An opinion based on personal preferences and value judgments.
  5. e 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.

5 Multiple choice questions

  1. erroneous view that what is true for the individual will always be true for the group.
  2. An 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.
  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. A person who buys and sells goods or services or arranges trades. A middleman reduces transaction costs.
  5. 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.

5 True/False questions

  1. ChoiceAn 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.

          

  2. CapitalHuman-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.

          

  3. ObjectiveAn opinion based on personal preferences and value judgments.

          

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

          

  5. Normative economicsJudgements about what ought to be in economic matters. They are views that cannot be proven false because they are based on value judgments.

          

Create Set