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Economics Ch. 1 And 2 Test Vocab Review
Test Description: Economics Ch. 1 and 2 Test Vocab Review
Instructions: Answer all questions to get your test result.
1) the study of how individuals and societies satisfy their unlimited wants with limited resources
A
Opportunity Cost
B
Scarcity
C
Trade Off
D
Economics
2) situation that exists when there are not enough resources to meet human wants
A
economics
B
trade off
C
opportunity costs
D
scarcity
3) the alternative someone gives up when making an economic choice
A
trade off
B
opportunity cost
C
economics
D
scarcity
4) the value of something that is given up by choosing one alternative over another
A
trade off
B
scarcity
C
opportunity cost
D
economics
5) the additional cost of producing or using one more unit of a good or service
A
marginal cost
B
marginal benefit
6) the benefit or satisfaction gained from using one more unit of a good or service
A
marginal benefit
B
marginal cost
7) graph used to illustrate the impact of scarcity on an economy
A
Cost-Benefit Analysis
B
production possibility curve
C
Macroeconomics
D
Microeconomics
8) the practice of examining the costs and the expected benefits of a choice as an aid to decision making
A
production possibility curve
B
Microeconomics
C
Macroeconomics
D
Cost-Benefit Analysis
9) the study of the behavior of the economy as a whole; large scale economics
A
Cost-Benefit Analysis
B
production possibility curve
C
Microeconomics
D
Macroeconomics
10) the study of behavior of individuals in an economy (individuals, families, businesses)
A
Microeconomics
B
Cost Benefit Analysis
C
production possibility curve
D
Macroeconomics
*select an answer for all questions
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