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5 Written questions

5 Matching questions

  1. Choice
  2. Transaction costs
  3. Capital
  4. Rationing
  5. Positive economics
  1. a The act of selecting among alternatives.
  2. b The time, effort, and other resources needed to search out, negotiate and complete an exchange.
  3. c Human-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.
  4. d The scientific study of "what is" among economic relationships.
  5. e Allocating a limited supply of a good or resource among people who would like to have more of it. When price performs the rationing function, the good or resource is allocated to those willing to give up the most "other things" in order to get it.

5 Multiple choice questions

  1. erroneous view that what is true for the individual will always be true for the group.
  2. Developing a theory from basic principles and testing it against events in the real world. Good theories are consistent with and help explain real world events. Theories that are inconsistent with the real world are invalid and must be rejected.
  3. Term used to describe the effects of a change in the current situation. For example, a producer's marginal cost is the cost of producing an additional unit of a product, given the producer's current facility and production rate.
  4. Property rights that are exclusively held by an owner and protected against invasion by others. Private property can be transferred, sold, or mortgaged at the owner's discretion.
  5. Judgements about what ought to be in economic matters. They are views that cannot be proven false because they are based on value judgments.

5 True/False questions

  1. MacroeconomicsThe branch of economics that focuses on how human behavior affects the conduct of affairs within narrowly defined units, such as individual households or business firms.


  2. Secondary effectsThe indirect impact of an event or policy that may not be easily and immediately observable. In the area of policy, these effects are often both unintended and overlooked.


  3. ObjectiveAn opinion based on personal preferences and value judgments.


  4. UtilityFundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.


  5. SubjectiveAn opinion based on personal preferences and value judgments.


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