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5 Written questions

5 Matching questions

  1. Ipad
  2. upside down
  3. Karl Marx
  4. PRC
  5. household
  1. a what is the name of the new product Apple just released?
  2. b an economic unit of one person or more that sells resources and buys goods and services
  3. c author of Das Capital and The Communist Manifesto
  4. d Performance Review Commitee
  5. e when you owe more money on your house than what it is worth

5 Multiple choice questions

  1. an economic system in which individuals (not government) own most, if not all, the resources and control their use
  2. the principles of conduct
  3. any good that is owned by the government
  4. the amount of money left over after all the costs of production have been paid
  5. an agreement between two or more people to do something

5 True/False questions

  1. excludable public gooda public good that individuals can be excluded (physically prohibited) from consuming


  2. tax assesora government official taxed with the job of determing the fair market value of your home


  3. ostentatiousflaunts, gaudy, over the top


  4. lossthe amount of money by which total cost exceeds total revenue


  5. income distributiona phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the worl; the growing integration of the national economies of the world to the degree that we may be witnessing the emergence and operation of a single world-wide economy