1) Every society faces economic tradeoffs. This means
a. producing more of one good means less of another good can be produced. b. not everyone can have enough goods and services to survive.
c. some people live better than others do.
d. society’s output cannot be made available to all.
2) Which of the following statements is false?
a. Tradeoffs do not apply when consumers purchase a product for which there is excess supply, such as a stock clearance sale.
b. Every individual, no matter how rich or poor, is faced with making tradeoffs. c. Anytime you have to decide which action to take you are facing an economic
d. Economics is a social science that studies the tradeoffs we are forced to make because of scarcity.
3) Which of the following is not an example of an economic tradeoff that a firm has to make?
a. whether it should produce more of its product.
b. whether it is cheaper to produce with more machines or with more workers. c. whether or not consumers will buy its products .
d. whether to outsource the production of a good or service
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