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5 Written questions

5 Matching questions

  1. Opportunity Cost
  2. Adam Smith
  3. Microeconomics
  4. Economics
  5. Marginal Cost
  1. a cost of accepting one action over another, losing the benefit of what is rejected, hoping that the benefit of your choice exceeds the cost of what is lost
  2. b the cost of an activity
  3. c The Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)
  4. d social science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices
  5. e how to make the best choices on a smaller level (individual/business)

5 Multiple choice questions

  1. goes down the more we have something
  2. cost of accepting one action over another, losing the benefit of what is rejected and hoping the benefit exceeds the cost of what is lost
  3. deciding the what, how and for whom (Do we tax the rich to give to the poor?)
  4. measure whether or not the production of another product is good, if its profits are less than what you could have gotten from the sale of the other
  5. stocks, bonds, savings accounts

5 True/False questions

  1. Marginal Benefitthe cost of an activity

          

  2. Comparative or Absolute Better?if you have a skill by which you can produce a product faster and better than any other, then that skill should be exploited; ability of a firm to produce a specific good at a lower cost than competitors

          

  3. Absolute Advantageif you have a skill by which you can produce a product faster and better than any other, then that skill should be exploited; ability of a firm to produce a specific good at a lower cost than competitors

          

  4. Good/Bad of Theory/Modelsreality through politics and imperfect knowledge hints at the flaws of theory

          

  5. Intellectual Propertystocks, bonds, savings accounts