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6 Written questions

6 Multiple choice questions

  1. per unit
  2. value of what you give up or what you trade off
  3. gross domestic product(inside the U.S.) that should increase 2% or 4% a year
  4. food, clothing, shoes, cars, and houses
  5. bushes of oats, wheat, corn, cotton, oil, sorghum
  6. countries and government must consider and deal with trade offs in order to provide health care. a country may not be able to support the military

6 True/False questions

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


  2. scarcitybushes of oats, wheat, corn, cotton, oil, sorghum


  3. economicsthe study of how people make choices on how to best use their limited resources to best satisfy their needs and wants


  4. production possibilities curvegraph that shows maximum combination of goods and services that can be


  5. consumer satisfactiontry to maximize utility


  6. opportunity costevery decision we make has a cost and most desirable alternative given up as the result of a decision


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