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6 Written questions

6 Multiple choice questions

  1. deals with economics on a personal level and deals with individual households and businesses.(how a business maximized it's profits for ex.)
  2. the price of a good service is too low and at the lower price too many want to buy.
  3. contains opinion
  4. per unit
  5. try to maximize utility
  6. food, clothing, shoes, cars, and houses

6 True/False questions

  1. positive economicsis about facts


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


  3. factors of productiondeals with economics on a national and international scale and factors such GDP, employment issues, inflation, and politics(all compared)


  4. commoditythe study of how people make choices on how to best use their limited resources to best satisfy their needs and wants


  5. gunsmilitary goods, buildings factories, equipment, business computers


  6. opportunity costa lack of wants