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5 Written questions

5 Multiple choice questions

  1. choosing the alternative that has the greatest value from among comparable-quality products
  2. simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future
  3. an 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. things that are necessary for survival
  5. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

4 True/False questions

  1. Marginal costthe increase or decrease in costs as a result of one more or one less unit of output


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


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


  4. Scarcitylimited quantities of resources to meet unlimited wants


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