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6 Written questions

6 Multiple choice questions

  1. value of what you give up or what you trade off
  2. every decision we make has a cost and most desirable alternative given up as the result of a decision
  3. try to maximize utility
  4. per unit
  5. a lack of wants
  6. the price of a good service is too low and at the lower price too many want to buy.

6 True/False questions

  1. gunsgross domestic product(inside the U.S.) that should increase 2% or 4% a year


  2. positive economicsdeals with economics on a personal level and deals with individual households and businesses.(how a business maximized it's profits for ex.)


  3. society trade offsvalue of what you give up or what you trade off


  4. buttermilitary goods, buildings factories, equipment, business computers


  5. macroeconomicsdeals with economics on a national and international scale and factors such GDP, employment issues, inflation, and politics(all compared)


  6. factors of productiontry to maximize utility


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