NAME

Question types


Start with


Question limit

of 14 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Multiple choice questions

  1. economy in which individuals control production and allocation decisions through supply and demand
  2. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
  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 you would like to have but are not necessary for survival
  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. Rational Choicethe increase or decrease in costs as a result of one more or one less unit of output

          

  2. Trade-offalternatives that must be given up when one is chosen over another

          

  3. Capitalisman economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.

          

  4. Cost-benefit analysisan economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.

          

Create Set