5 Written questions
5 Matching questions
- Secondary effects
- a a fact based on observable phenomena that is not influenced by differences in personal opinion.
- b Human-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.
- c An opinion based on personal preferences and value judgments.
- d 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.
- e The 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.
5 Multiple choice questions
- Fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.
- The scientific study of "what is" among economic relationships.
- The rights to use, control, and obtain the benefits from a good or service.
- Judgements about what ought to be in economic matters. They are views that cannot be proven false because they are based on value judgments.
- 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 True/False questions
Transaction costs → 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.
Resource → An input used to produce economic goods. Land, labor, skills, natural resources, and capital are examples. Throughout history, people have struggled to transform available, but limited, resources into things they would like to have-economic goods.
Middleman → A person who buys and sells goods or services or arranges trades. A middleman reduces transaction costs.
Private-property rights → The rights to use, control, and obtain the benefits from a good or service.
Microeconomics → The branch of economics that focuses on how human behavior affects outcomes in highly aggregated markets, such as the markets for labor or consumer products.