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5 Written questions

5 Multiple choice questions

  1. things that you would like to have but are not necessary for survival
  2. choosing the alternative that has the greatest value from among comparable-quality products
  3. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
  4. whatever must be given up to obtain some item
  5. simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future

4 True/False questions

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

          

  2. Incentivethe branch of social science that deals with the production and distribution and consumption of goods and services and their management

          

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

          

  4. Economicsthe branch of social science that deals with the production and distribution and consumption of goods and services and their management