Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
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automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.
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Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
A legal maximum on the price at which a good can be
sold - Answer>> price ceiling
What you give up to get that item - Answer>>
opportunity cost
________ _________ make decisions at the margin by
comparing marginal costs and marginal benefits -
Answer>> rational people
Provides an illustration of the principle that people face
trade offs - Answer>> production possibilities frontier
(PPF)
A graph that shows the various combinations of output
that an economy can possibly produce given the
available factors of production and the available
production technology - Answer>> production
possibilities frontier (PPF)
You are considering staying in college another
semester so that you can complete a major in
economics. In deciding whether or not to stay you
should compare the total _______ of your education to
the total ________ of your education - Answer>> costs,
benefits
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