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5 Written questions

5 Multiple choice questions

  1. things that are necessary for survival
  2. the increase or decrease in costs as a result of one more or one less unit of output
  3. the branch of social science that deals with the production and distribution and consumption of goods and services and their management
  4. economic model that compares the marginal costs and marginal benefits of a decision
  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. Trade-offalternatives that must be given up when one is chosen over another

          

  2. Scarcitylimited quantities of resources to meet unlimited wants

          

  3. Free enterprisereward offered to try to persuade people to take certain economic action

          

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

          

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