5 Written questions
5 Matching questions
- Private-property rights
- a 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.
- b The subjective benefit or satisfaction a person expects from a choice or course of action.
- c 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.
- d 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.
- e a fact based on observable phenomena that is not influenced by differences in personal opinion.
5 Multiple choice questions
- "other things constant" is used when the effect of one change is being described, recognizing that if other things changed, they also could affect the result. Economists often describe the effects of one change, knowing that in the real world, other things might change and also exert an effect.
- An opinion based on personal preferences and value judgments.
- The rights to use, control, and obtain the benefits from a good or service.
- The scientific study of "what is" among economic relationships.
- 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.
5 True/False questions
Resource → The act of selecting among alternatives.
Microeconomics → The 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.
Normative economics → Judgements about what ought to be in economic matters. They are views that cannot be proven false because they are based on value judgments.
Scientific thinking → 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.
Secondary effects → The rights to use, control, and obtain the benefits from a good or service.