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5 Written questions

5 Matching questions

  1. Law of Demand
  2. Skill for Comparative Advantage
  3. Financial Property
  4. Measure of Production Possibilities Curve
  5. Marginal Benefit
  1. a stocks, bonds, savings accounts
  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 produce a product faster and better than any other, that skill should be exploited
  4. d the benefit that arises from an increase of activity
  5. e higher the price of good/service, smaller the quantity demanded

5 Multiple choice questions

  1. deciding the what, how and for whom (Do we tax the rich to give to the poor?)
  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. 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)
  4. graphs the relationship between price and demand on an individual basis and market basis
  5. social science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices

5 True/False questions

  1. Opportunity Costthe cost of an activity


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


  3. Principal of Decreasing Marginal Benfitmeasure of willingness and ability to pay


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


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


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