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Economics Test

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5 Written Questions

5 Multiple Choice Questions

  1. the branch of social science that deals with the production and distribution and consumption of goods and services and their management
  2. the increase or decrease in costs as a result of one more or one less unit of output
  3. limited quantities of resources to meet unlimited wants
  4. economy in which individuals control production and allocation decisions through supply and demand
  5. economic model that compares the marginal costs and marginal benefits of a decision

4 True/False Questions

  1. Wantsthings that are necessary for survival


  2. Free enterpriseeconomic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference


  3. Rational Choicechoosing the alternative that has the greatest value from among comparable-quality products


  4. Trade-offlimited quantities of resources to meet unlimited wants


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