Question types

Start with

Question limit

of 32 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Matching questions

  1. Real Property
  2. Demand Curve
  3. Tradeoffs
  4. Absolute Advantage
  5. Intellectual Property
  1. a building, plant, equipment
  2. b intangible products such as books, music, computer programs
  3. c only 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. d deciding the what, how and for whom (Do we tax the rich to give to the poor?)
  5. e graphs the relationship between price and demand on an individual basis and market basis

5 Multiple choice questions

  1. stocks, bonds, savings accounts
  2. 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.
  3. higher the price the market is willing to pay, the greater is the quantity supplied
  4. social science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices
  5. Comparative > Absolute; problem is that you my be able to produce something with less cost, but may not be very profitable (ex. Braille bumper stickers)

5 True/False questions

  1. How Markets WorkOnly work when property rights exist


  2. Marginal Costthe cost of an activity


  3. Measure of Production Possibilities Curvemeasure 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


  4. When Property Rights are enforcedincentive to specialize and produce goods in which you have comparative advantage to maximize use of said property


  5. Property Rightssocial arrangements that govern ownership, use, disposal of resources, goods and services