5 Written questions
5 Matching questions
- Scientific thinking
- Property rights
- a The act of selecting among alternatives.
- b 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.
- c The rights to use, control, and obtain the benefits from a good or service.
- d 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.
- e Human-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.
5 Multiple choice questions
- 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.
- 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.
- Fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.
- Judgements about what ought to be in economic matters. They are views that cannot be proven false because they are based on value judgments.
- A person who buys and sells goods or services or arranges trades. A middleman reduces transaction costs.
5 True/False questions
Secondary effects → The rights to use, control, and obtain the benefits from a good or service.
Rationing → The subjective benefit or satisfaction a person expects from a choice or course of action.
Positive economics → The scientific study of "what is" among economic relationships.
Subjective → An opinion based on personal preferences and value judgments.
"Ceteris paribus" → The rights to use, control, and obtain the benefits from a good or service.