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5 Written questions

5 Multiple choice questions

  1. reward offered to try to persuade people to take certain economic action
  2. alternatives that must be given up when one is chosen over another
  3. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
  4. choosing the alternative that has the greatest value from among comparable-quality products
  5. the branch of social science that deals with the production and distribution and consumption of goods and services and their management

4 True/False questions

  1. Economic Modelsimplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future


  2. Needsthings that you would like to have but are not necessary for survival


  3. Cost-benefit analysisan economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.


  4. Wantsthings that you would like to have but are not necessary for survival


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