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5 Written questions

5 Matching questions

  1. Positive economics
  2. Capital
  3. Objective
  4. Scientific thinking
  5. Property rights
  1. a a fact based on observable phenomena that is not influenced by differences in personal opinion.
  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 Human-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.
  4. d The rights to use, control, and obtain the benefits from a good or service.
  5. e The scientific study of "what is" among economic relationships.

5 Multiple choice questions

  1. Fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.
  2. erroneous view that what is true for the individual will always be true for the group.
  3. 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.
  4. Allocating a limited supply of a good or resource among people who would like to have more of it. When price performs the rationing function, the good or resource is allocated to those willing to give up the most "other things" in order to get it.
  5. Property rights that are exclusively held by an owner and protected against invasion by others. Private property can be transferred, sold, or mortgaged at the owner's discretion.

5 True/False questions

  1. MicroeconomicsThe branch of economics that focuses on how human behavior affects outcomes in highly aggregated markets, such as the markets for labor or consumer products.

          

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

          

  3. MacroeconomicsThe branch of economics that focuses on how human behavior affects outcomes in highly aggregated markets, such as the markets for labor or consumer products.

          

  4. Secondary effectsThe rights to use, control, and obtain the benefits from a good or service.

          

  5. 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.

          

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