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5 Written Questions

5 Multiple Choice Questions

  1. limited quantities of resources to meet unlimited wants
  2. simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future
  3. alternatives that must be given up when one is chosen over another
  4. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
  5. things that are necessary for survival

4 True/False Questions

  1. Cost-benefit analysiseconomic model that compares the marginal costs and marginal benefits of a decision


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


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


  4. Opportunity costwhatever must be given up to obtain some item


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