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5 Written questions

5 Multiple choice questions

  1. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
  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. economy in which individuals control production and allocation decisions through supply and demand
  4. things that you would like to have but are not necessary for survival
  5. 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 True/False questions

  1. Marginal costchoosing the alternative that has the greatest value from among comparable-quality products

          

  2. Needsthings that are necessary for survival

          

  3. Rational Choicechoosing the alternative that has the greatest value from among comparable-quality products

          

  4. Trade-offlimited quantities of resources to meet unlimited wants