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6 Written Questions

6 Multiple Choice Questions

  1. try to maximize utility
  2. value of what you give up or what you trade off
  3. bushes of oats, wheat, corn, cotton, oil, sorghum
  4. deals with economics on a personal level and deals with individual households and businesses.(how a business maximized it's profits for ex.)
  5. gross domestic product(inside the U.S.) that should increase 2% or 4% a year
  6. per unit

6 True/False Questions

  1. scarcitythe price of a good service is too low and at the lower price too many want to buy.

          

  2. normativethe price of a good service is too low and at the lower price too many want to buy.

          

  3. production possibilities curveevery decision we make has a cost and most desirable alternative given up as the result of a decision

          

  4. shortagethe price of a good service is too low and at the lower price too many want to buy.

          

  5. opportunity costthe study of how people make choices on how to best use their limited resources to best satisfy their needs and wants

          

  6. society trade offscountries 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

          

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