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5 Written Questions

5 Matching Questions

  1. economic good
  2. potential output
  3. economic development
  4. microeconomics
  5. sustainable development
  1. a it is a broad concept involving improvement i standards of living, reduction in poverty, improved health and education.
  2. b the study of the behavior of individual consumers, firms, and industries and the determination of market prices and quantities of good, services, and the factors of production.
  3. c the possible production that would be possible in an economy if all available factors were being employed.
  4. d a good or services which is relatively scarce and so has a price. an opportunity cost is involved if it is consumed.
  5. e development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

5 Multiple Choice Questions

  1. the growth of real output in an economy over time. usually measured as growth in real GDP.
  2. this occurs when the quantity and/or quality of factors of production within an economy is increased. it is represented by an outward shift of the PPC.
  3. the study of aggregate economic activity. It investigates how the economy as a whole works.
  4. the physical factor of production. it consists of natural resources, some of which are renewable and some of which are non-renewable.
  5. an economy in the process of moving from a centrally planned economic system towards a more market-oriented economic system.

5 True/False Questions

  1. human capitalthe factor of production that comes from investment in physical capital and human capital.


  2. free market economyan economy where the means of production are privately held by individuals and firms, demand and supply determine how much to produce, how/how many to produce, and for whom to produce.


  3. capitalthe limited availability of economic resources relative to society's unlimited demand for goods and services.


  4. ceteris paribusall other things being held equal.


  5. actual outputthe actual production of goods and services in an economy in a given time period.


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