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5 Written questions

5 Matching questions

  1. production possibility frontier (PPF)
  2. stability
  3. positive economics
  4. economic growth
  5. capital goods
  1. a the condition in which output is steady or growing, with low inflation and full employment of resources
  2. b occurs when an economy's production possibilities increase - usually caused by more resources, better resources, or improvements in technology. causes an outward shift in the PPF
  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 studies economic behavior without making judgements--describes what exists and how it works
  5. e goods used to produce other goods or services over time

5 Multiple choice questions

  1. the branch of economics that examines the economic behavior of aggregates--income, output, employment, and so on--on a national scale
  2. the process by which resources are transformed into useful forms
  3. the amount that a product sells for per unit
  4. involves the compilation of data that describes phenomena and facts
  5. involves building models of behavior, making statements about cause and effect, action and reaction

5 True/False questions

  1. command economya central government either directly or indirectly sets output targets, income, and prices

          

  2. valuethe amount that a product sells for per unit

          

  3. marginal analysismaking decisions based upon weighing the marginal benefits and costs of that action. the rational decision maker chooses an action if the MB>=MC

          

  4. normative economicsstudies economic behavior without making judgements--describes what exists and how it works

          

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

          

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