Econ unit 2 quiz - Custom Scholars
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Econ unit 2 quiz

question
indifference curve
answer
Shows the combinations of the goods that produce a given level of utility to the individual.
question
indifference curve characteristics
answer
Utility is constant
Farther right = higher utility
question
feasible frontier
answer
Mirror image of the PF, line of maximum combo of the output and input
question
Marginal Rate of Substitution (MRS)
answer
the tradeoff a person is willing to make between two goods, Slope of the IC
question
marginal rate of transformation (MRT)
answer
The slope of the feasible frontier, represents the tradeoff someone has to make between two goods
question
production function
answer
Amount of output that can be produced by any given combination of inputs
question
marginal product of labor
answer
the increase in the amount of output from an additional unit of labor
question
diminishing marginal product
answer
Additional contribution of the next worker is smaller than the additional contribution of the worker before
question
Utility
answer
Measure of worth or value
question
diminishing marginal utility
answer
Each additional unit of gain leads to a smaller increase in value or enjoyement
question
economic rent
answer
Enjoyment/Value - Economic Cost
question
economic cost
answer
Out of pocket cost + Opportunity cost
1 of 12
question
indifference curve
answer
Shows the combinations of the goods that produce a given level of utility to the individual.
question
indifference curve characteristics
answer
Utility is constant
Farther right = higher utility
question
feasible frontier
answer
Mirror image of the PF, line of maximum combo of the output and input
question
Marginal Rate of Substitution (MRS)
answer
the tradeoff a person is willing to make between two goods, Slope of the IC
question
marginal rate of transformation (MRT)
answer
The slope of the feasible frontier, represents the tradeoff someone has to make between two goods
question
production function
answer
Amount of output that can be produced by any given combination of inputs
question
marginal product of labor
answer
the increase in the amount of output from an additional unit of labor
question
diminishing marginal product
answer
Additional contribution of the next worker is smaller than the additional contribution of the worker before
question
Utility
answer
Measure of worth or value
question
diminishing marginal utility
answer
Each additional unit of gain leads to a smaller increase in value or enjoyement
question
economic rent
answer
Enjoyment/Value - Economic Cost
question
economic cost
answer
Out of pocket cost + Opportunity cost
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