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5 Written questions

5 Matching questions

  1. investment
  2. economics
  3. microeconomics
  4. descriptive economics
  5. efficiency
  1. a the process of using resources to produce new capital
  2. b involves the compilation of data that describes phenomena and facts
  3. c the study of how individuals, firms, and societies choose to use their scarce resources to provide for their unlimited material wants
  4. d the branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units--that is, business firms and households
  5. e the ability to produce what people want at the least possible cost

5 Multiple choice questions

  1. the more of a good that is produced, the greater the opportunity cost of producing the next unit of that good
  2. production of the combination of goods and services that provides the most net benefit to society. the optimal quantity of a good is achieved when MB=MC of the next unit. This only occurs at one point on the PPF
  3. holding all else equal assumption
  4. the next unit or increment of an action
  5. when firms focus their resources on production of goods for which they have comparative advantage

5 True/False questions

  1. marginal cost (MC)the additional cost incurred from the consumption of the next unit of a good or service

          

  2. pricethe difference between the benefit and the cost of any activity

          

  3. scarcitythe fact of limited resources in a world of unlimited material human wants

          

  4. productive efficiencyproduction of the combination of goods and services that provides the most net benefit to society. the optimal quantity of a good is achieved when MB=MC of the next unit. This only occurs at one point on the PPF

          

  5. equitya general statement of cause and effect, action and reaction, involves a model