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5 Written questions

5 Matching questions

  1. Production Possibilities Curve
  2. Four Major Factors of Production
  3. How Markets Work
  4. Microeconomics
  5. Marginal Benefit
  1. a Only work when property rights exist
  2. b combination of things you will likely produce at a given time with the resources you have
  3. c how to make the best choices on a smaller level (individual/business)
  4. d the benefit that arises from an increase of activity
  5. e land, labor, capital and entrepreneurship

5 Multiple choice questions

  1. measure of willingness and ability to pay
  2. higher the price of good/service, smaller the quantity demanded
  3. produce a product faster and better than any other, that skill should be exploited
  4. The Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)
  5. marginal cost; production must not exceed the point to where marginal costs exceed marginal revenue

5 True/False questions

  1. 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


  2. Opportunity Costcost of accepting one action over another, losing the benefit of what is rejected, hoping that the benefit of your choice exceeds the cost of what is lost


  3. Marginal Costthe benefit that arises from an increase of activity


  4. Real Propertybuilding, plant, equipment


  5. Economicshow to make the best choices on a smaller level (individual/business)


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