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5 Written questions

5 Matching questions

  1. Positive economics
  2. Scientific thinking
  3. Resource
  4. Transaction costs
  5. Utility
  1. a 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.
  2. b The time, effort, and other resources needed to search out, negotiate and complete an exchange.
  3. c 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.
  4. d The subjective benefit or satisfaction a person expects from a choice or course of action.
  5. e The scientific study of "what is" among economic relationships.

5 Multiple choice questions

  1. The rights to use, control, and obtain the benefits from a good or service.
  2. 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.
  3. 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.
  4. 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. 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.

5 True/False questions

  1. ChoiceAn 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.

          

  2. "Ceteris paribus"The rights to use, control, and obtain the benefits from a good or service.

          

  3. CapitalHuman-made resources (such as tools, equipment and structures) used to produce goods and services. They enhance our ability to produce in the future.

          

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

          

  5. RationingThe subjective benefit or satisfaction a person expects from a choice or course of action.