Ineeed
all economic questions and problems arise from shortages.

true

false
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question 2

scarcity forces people to make decisions.

true

false
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question 3

economics focuses on making decisions about what happens next.

true

false
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question 4

individuals and businesses are both considered consumers.

true

false
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question 5

it is best to use your own experience to evaluate choices and opportunity costs in making an economic decision.

true

false
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question 6

a decision making grid is a computer program used by economists to study consumer habits.

true

false
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question 7

a decision making grid can be used to determine how much profit a business makes.

true

false
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question 8

one of the main ideas of economics is that every choice made involves a cost.

true

false
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question 9

a family chooses to buy a new refrigerator instead of taking a summer vacation. what is this called?

trade-off

limited resource

opportunity cost
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question 10

all economic questions and problems arise from:

opportunity costs.

limited resources.

scarcity.