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5 Written questions

5 Matching questions

  1. macroeconomics
  2. production possibility frontier (PPF)
  3. efficiency
  4. law of increasing costs
  5. free enterprise
  1. a the branch of economics that examines the economic behavior of aggregates--income, output, employment, and so on--on a national scale
  2. b the more of a good that is produced, the greater the opportunity cost of producing the next unit of that good
  3. c a graphical illustration that shows the maximum quantity of one good that can be produced, given the quantity of the other good being produced
  4. d the ability to produce what people want at the least possible cost
  5. e under a free market system, individual producers must figure out how to plan, organize, and coordinate the production of products and services

5 Multiple choice questions

  1. the difference between the benefit and the cost of any activity
  2. a formal statement of a theory, describing the relationship between two or more variables
  3. allows individual people a firms to pursue their own self-interests without any central direction or regulation
  4. when firms focus their resources on production of goods for which they have comparative advantage
  5. specialization and free trade will benefit all trading parties, even those that may be absolutely more efficient producers

5 True/False questions

  1. efficient marketa market in which profit opportunities are eliminated almost instantaneously


  2. descriptive economicsinvolves the compilation of data that describes phenomena and facts


  3. marginal benefit (MB)the additional cost incurred from the consumption of the next unit of a good or service


  4. marginalthe next unit or increment of an action


  5. comparative advantageexists if a producer can produce at a lower opportunity cost than all other producers