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5 Written Questions

5 Multiple Choice Questions

  1. things that you would like to have but are not necessary for survival
  2. the branch of social science that deals with the production and distribution and consumption of goods and services and their management
  3. reward offered to try to persuade people to take certain economic action
  4. whatever must be given up to obtain some item
  5. economic model that compares the marginal costs and marginal benefits of a decision

4 True/False Questions

  1. Scarcitythings that you would like to have but are not 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. Capitalismthings that you would like to have but are not necessary for survival

          

  4. Marginal costchoosing the alternative that has the greatest value from among comparable-quality products

          

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