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5 Written questions

5 Multiple choice questions

  1. limited quantities of resources to meet unlimited wants
  2. economic model that compares the marginal costs and marginal benefits of a decision
  3. simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future
  4. alternatives that must be given up when one is chosen over another
  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 costan 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.

          

  2. Incentivelimited quantities of resources to meet unlimited wants

          

  3. Rational Choicethe increase or decrease in costs as a result of one more or one less unit of output

          

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