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5 Written questions

5 Matching questions

  1. consumer goods
  2. efficiency
  3. market
  4. empirical economics
  5. investment
  1. a the process of using resources to produce new capital
  2. b refers to the collection and use of data to test economic theories
  3. c the institution through which buyers and sellers interact and engage in exchange
  4. d goods produced for present consumption
  5. e the ability to produce what people want at the least possible cost

5 Multiple choice questions

  1. analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action
  2. making decisions based upon weighing the marginal benefits and costs of that action. the rational decision maker chooses an action if the MB>=MC
  3. the additional cost incurred from the consumption of the next unit of a good or service
  4. a measure that can change from observation to observation
  5. 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 True/False questions

  1. production possibilitiesproduction of maximum output for a given level of technology and resources - includes all points on the PPF


  2. economic theoryinvolves building models of behavior, making statements about cause and effect, action and reaction


  3. productionthe process by which resources are transformed into useful forms


  4. trade-offsscarce resources imply that individuals, firms, and governments are constantly faced with difficult choices that involve benefits and costs


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