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5 Written questions

5 Matching questions

  1. Marginal Analysis
  2. Microeconomics
  3. Measure of Production Possibilities Curve
  4. How Markets Work
  5. Adam Smith
  1. a Only work when property rights exist
  2. b 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
  3. c The Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)
  4. d how to make the best choices on a smaller level (individual/business)
  5. e means of taking no action where the marginal cost exceeds the marginal benefit

5 Multiple choice questions

  1. markets are not necessarily a place, but a network such as the food market; transactions are facilitated by making deals with the use of telephone equipment, fax machines, computers, etc.
  2. combination of things you will likely produce at a given time with the resources you have
  3. reality through politics and imperfect knowledge hints at the flaws of theory
  4. social arrangements that govern ownership, use, disposal of resources, goods and services
  5. incentive to specialize and produce goods in which you have comparative advantage to maximize use of said property

5 True/False questions

  1. Opportunity Costthe cost of an activity

          

  2. Real Propertybuilding, plant, equipment

          

  3. Comparative Advantageonly exists if you are able to produce a product at a lower cost; ability of a firm to produce a specific good with fewer resources than its competitors

          

  4. Skill for Comparative Advantageproduce a product faster and better than any other, that skill should be exploited

          

  5. Marginal Benefitmeasure of willingness and ability to pay