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5 Written questions

5 Multiple choice questions

  1. limited quantities of resources to meet unlimited wants
  2. whatever must be given up to obtain some item
  3. the branch of social science that deals with the production and distribution and consumption of goods and services and their management
  4. things that are necessary for survival
  5. reward offered to try to persuade people to take certain economic action

4 True/False questions

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


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


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


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