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5 Written questions

5 Multiple choice questions

  1. the branch of social science that deals with the production and distribution and consumption of goods and services and their management
  2. things that you would like to have but are not necessary for survival
  3. reward offered to try to persuade people to take certain economic action
  4. economy in which individuals control production and allocation decisions through supply and demand
  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. Trade-offthings that are necessary for survival

          

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

          

  3. Opportunity costwhatever must be given up to obtain some item

          

  4. Economic Modelthe branch of social science that deals with the production and distribution and consumption of goods and services and their management