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5 Written questions

5 Matching questions

  1. corporation
  2. diminishing marginal utility
  3. demand curve
  4. equilibrium price
  5. elasticity
  1. a decreasing satisfaction or usefulness as additional units of production are acquired
  2. b price where quantity supplied equals quantity demanded;price that clears the market
  3. c graph showing the quantity demanded at each and every possible price that might prevail in the market at any given time
  4. d form of business organization recognized by law as a seperate legal entity with all the rights and responsibilities of an induvidual, including the right to buy & sell property, enter into legal contracts, and be sued
  5. e a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as a price

5 Multiple choice questions

  1. way in which the nations income is divided among families, induviduals, or oter designated groups
  2. risk-taking induvidual in search of profits;one of four factors of production
  3. set of assumptions in a table, graph, or equations used to describe or explain economic behaviors
  4. economic activities in one part of the country or world affect what happens elsewhere
  5. prohibition on the export or import of a product

5 True/False questions

  1. economicssocial science dealing with the study of how people satisfy seemingly unimited and competing wants with the careful use of scarce resources


  2. division of labordivision of work into a number of seperate tasks to be performed by different workers; same as specialization


  3. expansionstate of the economy with large numbers of unemployed, declining real incomes, overcapacity in manufacturing, general economic hardships


  4. diminishing returnsdivision of work into a number of seperate tasks to be performed by different workers; same as specialization


  5. World Trade Organization (WTO)relaxation or removal of government regulations on business activities