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5 Written questions

5 Matching questions

  1. Financial Property
  2. Marginal Cost
  3. Good/Bad of Theory/Models
  4. Intellectual Property
  5. Limit to producing on the production possibilities
  1. a stocks, bonds, savings accounts
  2. b the cost of an activity
  3. c marginal cost; production must not exceed the point to where marginal costs exceed marginal revenue
  4. d intangible products such as books, music, computer programs
  5. e reality through politics and imperfect knowledge hints at the flaws of theory

5 Multiple choice questions

  1. Firms: econ unit that hires factors of production and organizes those factors to produce and sell goods and services
    Markets: are any arrangement that enables buyers and sellers to get info and do business w/ each other
  2. higher the price of good/service, smaller the quantity demanded
  3. land, labor, capital and entrepreneurship
  4. building, plant, equipment
  5. measure of willingness and ability to pay

5 True/False questions

  1. How Markets WorkOnly work when property rights exist

          

  2. Tradeoffssocial science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices

          

  3. Skill for Comparative 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. 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

          

  5. Demand Curvedeciding the what, how and for whom (Do we tax the rich to give to the poor?)