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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. the branch of social science that deals with the production and distribution and consumption of goods and services and their management
  3. things that are necessary for survival
  4. choosing the alternative that has the greatest value from among comparable-quality products
  5. alternatives that must be given up when one is chosen over another

4 True/False questions

  1. Economic Modelsimplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future

          

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

          

  3. Incentivelimited quantities of resources to meet unlimited wants

          

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