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5 Written questions

5 Matching questions

  1. Transaction costs
  2. Scientific thinking
  3. Fallacy of composition
  4. Choice
  5. Scarcity
  1. a Fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.
  2. b erroneous view that what is true for the individual will always be true for the group.
  3. c The time, effort, and other resources needed to search out, negotiate and complete an exchange.
  4. d 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.
  5. e The act of selecting among alternatives.

5 Multiple choice questions

  1. 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.
  2. a fact based on observable phenomena that is not influenced by differences in personal opinion.
  3. The rights to use, control, and obtain the benefits from a good or service.
  4. The scientific study of "what is" among economic relationships.
  5. Human-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.

5 True/False questions

  1. UtilityThe subjective benefit or satisfaction a person expects from a choice or course of action.


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


  3. MiddlemanTerm 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. Private-property rightsThe rights to use, control, and obtain the benefits from a good or service.


  5. ResourceThe act of selecting among alternatives.