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Introducing new Paper mode
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- Multiple ChoicePlease save your changes before editing any questions.What is scarcity?Giving something up to have something elseExtra cost of productionThe condition that results form having unlimited wants with limited resourcesRise in general level of prices and workers need more money
- Multiple ChoicePlease save your changes before editing any questions.What is choice?The act of picking or decidingThe best option possibleWhen something is very goodWhen someone has no say in a matter
- Multiple ChoicePlease save your changes before editing any questions.
What is Marginal Advantage (Analysis)?
Making a decision by comparing costs and benefits
Making a decision by comparing scarcity and choice
Living on the edge because you have an advantage
The advantage of using margarine
- Multiple ChoicePlease save your changes before editing any questions.Which of the following is NOT a natural resource?OilWaterCarAir
- Multiple ChoicePlease save your changes before editing any questions.Which of the following IS a capital resource?WoodComputerLaborKnowledge
- Multiple ChoicePlease save your changes before editing any questions.My business makes tacos and maps. If I spend all my time making tacos, what is my opportunity cost?TacosMaps
- Multiple ChoicePlease save your changes before editing any questions.On this PPC, which point is efficient?ACDNone
- Multiple ChoicePlease save your changes before editing any questions.On the PPC, which point is inefficient?ABCD
- Multiple ChoicePlease save your changes before editing any questions.On the PPC, which point is unobtainable?ABCD
- Multiple ChoicePlease save your changes before editing any questions.You make a decision without looking at the costs and benefits. Have you used marginal analysis?YesNo
- Multiple ChoicePlease save your changes before editing any questions.A business with one ownerSole ProprietorshipPartnershipCorporationMonopoly
- Multiple ChoicePlease save your changes before editing any questions.A business with 2 directly involved ownersSole proprietorshippartnershipcorporationmonopoly
- Multiple ChoicePlease save your changes before editing any questions.A business with multiple owners that are not directly involvedSole proprietorshippartnershipcorporationmonopoly
- Multiple ChoicePlease save your changes before editing any questions.When all aspects of the economy are determine by a central figureCommandMarketMixedTraditional
- Multiple ChoicePlease save your changes before editing any questions.Decisions in the economy are based on buyer/seller choicesCommandMarketMixedTraditional
- Multiple ChoicePlease save your changes before editing any questions.Combines public and private businessesCommandMarketMixedTraditional