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5 Written questions

5 Multiple choice questions

  1. choosing the alternative that has the greatest value from among comparable-quality products
  2. alternatives that must be given up when one is chosen over another
  3. things that are necessary for survival
  4. economy in which individuals control production and allocation decisions through supply and demand
  5. an 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 True/False questions

  1. Marginal costthe increase or decrease in costs as a result of one more or one less unit of output

          

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

          

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

          

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

          

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