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5 Written questions

5 Matching questions

  1. When environment exists where property can be stolen
  2. Limit to producing on the production possibilities
  3. Production Possibilities Curve
  4. Opportunity Cost
  5. Marginal Benefit
  1. a combination of things you will likely produce at a given time with the resources you have
  2. b marginal cost; production must not exceed the point to where marginal costs exceed marginal revenue
  3. c measure of willingness and ability to pay
  4. d 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
  5. e effort/resources used in order to protect said property

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. intangible products such as books, music, computer programs
  3. graphs the relationship between price and demand on an individual basis and market basis
  4. reality through politics and imperfect knowledge hints at the flaws of theory
  5. deciding the what, how and for whom (Do we tax the rich to give to the poor?)

5 True/False questions

  1. Marginal Benefitthe cost of an activity

          

  2. Measure of Production Possibilities Curvecombination of things you will likely produce at a given time with the resources you have

          

  3. Principal of Decreasing Marginal Benfitgoes down the more we have something

          

  4. Financial Propertystocks, bonds, savings accounts

          

  5. Firm vs. Marketgraphs the relationship between price and demand on an individual basis and market basis