Week 3 Quiz

People seek only their own self-interest.

All nations use some form of money to buy and sell goods and services.

Humans are always wasteful and inefficient in production and consumption.

Powerful governments are able to control production and consumption.

Human wants exceed the resources available to satisfy them.

providing a minimal standard of living for every person.

how to make a profit.

hunger.

the nature of political decisions.

scarcity.

decreased the marginal benefit

decreased the marginal cost

increased the marginal benefit

had no effect on the marginal cost or marginal benefit but did affect the total benefit

increased the marginal cost

affordable and unaffordable combinations of production.

rational and irrational choices facing a society.

wanted and unwanted combinations of goods and services.

goods and services the economy can produce.

attainable and unattainable combinations of goods and services.

We need to spend less on luxury items for the wealthy, and more on necessities for the less fortunate.

Too many people are unemployed.

There should be a computer in every primary school classroom.

Our country must increase military spending.

Online shopping increased by 50 per cent last Christmas season.