(E) Review

What is an item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants.

• Economics

• Good

• Marginal

• Market

What is the broad category of human efforts, both physical and mental, used to produce goods and services?

• Market

• Marginal

• Human Resources

• Economics

Which of the following words means "incremental, additional, extra, or one more"?

• Economics

• Good

• Human Resources

• Marginal

What is the means by which buyers and sellers carry our exchange?

• Economics

• Good

• Market

• Marginal

What is the study of how people use their scarce resources to satisfy their unlimited wants?

• Economics

• Good

• Marginal

• Market

Services are different from goods because they are not able to satisfy human desires.

• True

• False

What is a simplification of economic reality that is used to make predictions about the real world?

• Economic theory

• Economics

• Assumptions

• Opportunity costs

In general, the assumption of rational self-interest means that individuals try to maximize the expected benefit achieved with a given cost.

• True

• False

Opportunity cost is the value of the next best alternative that you pass up whenever you make a choice.

• True

• False

When making economic decisions, you should think about sunk cost.

• True

• False