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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. limited quantities of resources to meet unlimited wants
  4. whatever must be given up to obtain some item
  5. the increase or decrease in costs as a result of one more or one less unit of output

4 True/False questions

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


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


  3. Incentivethings that are necessary for survival


  4. Needsthings that are necessary for survival