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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. whatever must be given up to obtain some item
  3. simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future
  4. things that you would like to have but are not necessary for survival
  5. economic model that compares the marginal costs and marginal benefits of a decision

4 True/False questions

  1. Market Economythe branch of social science that deals with the production and distribution and consumption of goods and services and their management

          

  2. Rational Choicethe increase or decrease in costs as a result of one more or one less unit of output

          

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

          

  4. Incentivereward offered to try to persuade people to take certain economic action

          

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