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6 Written questions

6 Multiple choice questions

  1. the study of how people make choices on how to best use their limited resources to best satisfy their needs and wants
  2. same factors to produce goods, such as land, labor, capitol and entrepreneurship
  3. bushes of oats, wheat, corn, cotton, oil, sorghum
  4. deals with economics on a personal level and deals with individual households and businesses.(how a business maximized it's profits for ex.)
  5. contains opinion
  6. deals with economics on a national and international scale and factors such GDP, employment issues, inflation, and politics(all compared)

6 True/False questions

  1. GDPgross domestic product(inside the U.S.) that should increase 2% or 4% a year


  2. butterfood, clothing, shoes, cars, and houses


  3. society trade offscountries and government must consider and deal with trade offs in order to provide health care. a country may not be able to support the military


  4. consumer satisfactiontry to maximize utility


  5. scarcitythe price of a good service is too low and at the lower price too many want to buy.


  6. production possibilities curvegraph that shows maximum combination of goods and services that can be


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