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5 Written questions

5 Matching questions

  1. economic theory
  2. empirical economics
  3. production possibility frontier (PPF)
  4. laissez-faire economy
  5. descriptive economics
  1. a a graphical illustration that shows the maximum quantity of one good that can be produced, given the quantity of the other good being produced
  2. b allows individual people a firms to pursue their own self-interests without any central direction or regulation
  3. c involves building models of behavior, making statements about cause and effect, action and reaction
  4. d involves the compilation of data that describes phenomena and facts
  5. e refers to the collection and use of data to test economic theories

5 Multiple choice questions

  1. the institution through which buyers and sellers interact and engage in exchange
  2. a market in which profit opportunities are eliminated almost instantaneously
  3. holding all else equal assumption
  4. goods used to produce other goods or services over time
  5. the additional cost incurred from the consumption of the next unit of a good or service

5 True/False questions

  1. logical choicethe assumption that economic actors are consistent and logical in making choices

          

  2. specializationthe process by which resources are transformed into useful forms

          

  3. modelthe institution through which buyers and sellers interact and engage in exchange

          

  4. normative economicsanalyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action

          

  5. opportunity costthe process by which resources are transformed into useful forms