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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. whatever must be given up to obtain some item
  3. the increase or decrease in costs as a result of one more or one less unit of output
  4. limited quantities of resources to meet unlimited wants
  5. choosing the alternative that has the greatest value from among comparable-quality products

4 True/False questions

  1. Trade-offthings that are necessary for survival


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


  3. Wantsthings that are necessary for survival


  4. Market Economyeconomy in which individuals control production and allocation decisions through supply and demand


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