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5 Written questions

5 Matching questions

  1. efficiency
  2. normative economics
  3. trade-offs
  4. variable
  5. marginal
  1. a scarce resources imply that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs
  2. b the next unit or increment of an action
  3. c a measure that can change from observation to observation
  4. d the ability to produce what people want at the least possible cost
  5. e analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action

5 Multiple choice questions

  1. the fact of limited resources in a world of unlimited material human wants
  2. the amount that a product sells for per unit
  3. a general statement of cause and effect, action and reaction, involves a model
  4. when firms focus their resources on production of goods for which they have comparative advantage
  5. 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

5 True/False questions

  1. consumer sovereigntythe idea that consumers ultimately dictate what will be produced (or not produced) by choosing what to purchase (and what not to purchase)


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


  3. modela formal statement of a theory, describing the relationship between two or more variables


  4. stabilitythe condition in which output is steady or growing, with low inflation and full employment of resources


  5. economicsthe study of how individuals, firms, and societies choose to use their scarce resources to provide for their unlimited material wants