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5 Written questions

5 Multiple choice questions

  1. things that are necessary for survival
  2. the increase or decrease in costs as a result of one more or one less unit of output
  3. economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
  4. limited quantities of resources to meet unlimited wants
  5. economic model that compares the marginal costs and marginal benefits of a decision

4 True/False questions

  1. Trade-offalternatives that must be given up when one is chosen over another


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


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


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