Student name:__________
1) Economics is best defined as the study of
D) the financial
A) inflation, interest rates, and the stock market. concerns of businesses and
B) supply and demand. individuals.
C) how people make choices in the face of scarcity
and the implications of those choices for society as a whole.
Version 1 1
,2) Economics is best defined as the study of
C) choice in the
A) the financial concerns of businesses and face of limited resources.
individuals. D) whether we
B) the role of government in limiting the choices will have enough resources
people make. in the future.
Version 1 2
,3) Economists recognize that because people have limited resources
D) our future is
A) government intervention is necessary. bleak.
B) they have to make trade-offs.
C) they will never be happy.
Version 1 3
, 4) The Scarcity Principle states that
means having less of
A) people don't have enough money to buy what they another.
want. D) some countries
B) society will eventually run out of resources. have fewer resources than
C) with limited resources, having more of one thing others.
Version 1 4
1) Economics is best defined as the study of
D) the financial
A) inflation, interest rates, and the stock market. concerns of businesses and
B) supply and demand. individuals.
C) how people make choices in the face of scarcity
and the implications of those choices for society as a whole.
Version 1 1
,2) Economics is best defined as the study of
C) choice in the
A) the financial concerns of businesses and face of limited resources.
individuals. D) whether we
B) the role of government in limiting the choices will have enough resources
people make. in the future.
Version 1 2
,3) Economists recognize that because people have limited resources
D) our future is
A) government intervention is necessary. bleak.
B) they have to make trade-offs.
C) they will never be happy.
Version 1 3
, 4) The Scarcity Principle states that
means having less of
A) people don't have enough money to buy what they another.
want. D) some countries
B) society will eventually run out of resources. have fewer resources than
C) with limited resources, having more of one thing others.
Version 1 4
