Sheet1 Sheet2 Sheet3 ECN 1050, Word Bank -- Test #1 1) allocati 33) market 2) barter 34) marginal 3) beneficial 35) Marx, Karl 4) best 36) material wealth 5) China 37) means 6) choices 38) minimize 7) command 39) model(s) 8) cost(s) 40) money 9) distributive 41) mutual/mutually 10) dollar(s) 42) owner(s) 11) double coincidence 43) price/prices 12) efficient 44) Principles of Macroeconomics 13) equal 45) private property 14) for whom 46) profit(s) 15) freedom 47) quantify 16) Galbraith, John Maynard 48) resources 17) good/service 49) revenue 18) government 50) service/good 19) great/greater/greatest 51) scarce 20) how 52) self/self-interest 21) How a Capitalist System Works 53) share 22) incentive(s) 54) skills, talents, strengths 23) income 55) Smith, Adam 24) individuals 56) Soviet Union/USSR 25) information 57) specialization 26) inefficient(ly) 58) The Wealth of Nations 27) insatiable 59) trade 28) Japan 60) tradition 29) keep 61) transition 30) Keynes, John Maynard 62) unlimited 31) law(s) 63) utility 32) learning by doing 64) whatL.| U Question 14 10.5 pts If people specialize in the production of one particular thing, they're going to need to A) what they have produced for the things that they really want. This activity makes people better off because, in a world of perfect information, it is B) benecial. There is a problem with trading goods for goods, however -- an activity known as C) . because a D) is required for the trade to be made. E} reduces the number of coincidences necessary to make a trade from two to one. But, it is also convenient because it serves as a means by which society can F) value. The quantification of value, in terms of an objective. [measurable unit of account is known as G) Question 15 1.5 pts After all adjustments have been made, a market economy will achieve A) efciency. That is. all resources will be allocated throughout the industry in such a way that no industry is starving for a particular resource while some other industry is drowning in that resources (pardon the mixed metaphore)