2. 100 POINTS When you choose one thing over another ECONOMICS SCARCITY TRADE OFF A B C

3. CORRECT !!!!!!! TRADE OFF

4. African History - 100 POINTS The condition that results because people have limited resources and unlimited wants TRADE OFF ECONOMICS SCARCITY C B A

5. 100 POINTS SCARCITY CORRECT !!!!!!!

6. 100 POINTS Should I get a boring job at the Mall and make some money, or should I get an internship that doesn't pay anything, but will give me experience in something that interests me? I can't do both.(THIS STAEMENT IS AN EXAMPLE OF) Economic Principle 2: Costs Verses Benefits Economic Principle 3: Thinking at the Margin Economic Principle 1: Scarcity Forces Tradeoffs C B A

7. 100 POINTS Economic Principle 1: Scarcity Forces Tradeoffs CORRECT !!!!!!!

8. 100 POINTS This principle tells us that people choose something when the benefits of doing so are greater than the costs. C B A Economic Principle 2: Costs Verses Benefits Economic Principle 3: Thinking at the Margin Economic Principle 4: Incentives Matter

9. 100 POINTS C CORRECT !!!!!!! Economic Principle 2: Costs Verses Benefits

10. You study two hours for an economics test. When you are about to finish, you try to decide which would be more beneficial: studying an extra hour or going to bed and getting some extra sleep. (THIS STATEMENT IS AN EXAMPLE OF…) B A C Economic Principle 3: Thinking at the Margin Economic Principle 2: Costs Verses Benefits Economic Principle 4: Incentives Matter

11. 100 POINTS B Economic Principle 3: Thinking at the Margin CORRECT !!!!!!!

12. 200 POINTS People stand in line all day in order to buy a hard to get concert ticket for a band they love. (THIS STATEMENT IS AN EXAMPLE OF…) Economic Principle 5: Trade Makes People Better Off Economic Principle 4: Incentives Matter Economic Principle 6: Markets Coordinate Trade A B C

13. 200 POINTS B Economic Principle 4: Incentives Matter CORRECT !!!!!!!

14. 200 POINTS When markets bring buyers and sellers together, and their dealings are not interfered with, they will both be satisfied with their sales and purchases.(THIS STATEMENT IS AN EXAMPLE OF…) Economic Principle 5: Trade Makes People Better Off Economic Principle 4: Incentives Matter Economic Principle 6: Markets Coordinate Trade A B C

15. 200 POINTS B Economic Principle 6: Markets Coordinate Trade CORRECT !!!!!!!

16. 200 POINTS People should buy things that they cannot efficiently make for themselves for less cost.(THIS STATEMENT IS AN EXAMPLE OF…) Economic Principle 5: Trade Makes People Better Off Economic Principle 4: Incentives Matter Economic Principle 6: Markets Coordinate Trade A B C

17. 200 POINTS B Economic Principle 5: Trade Makes People Better Off CORRECT !!!!!!!

18. 100 POINTS The study of how society manages its scarce resources. ECONOMICS SCARCITY TRADE OFF A B C

19. CORRECT !!!!!!! ECONOMICS

20. 100 POINTS The study of the economic decisions and actions of individual people, companies, etc. ECONOMICS MICROECONOMICS MACROECONOMICS A B C

21. CORRECT !!!!!!! B: MICROECONOMICS

22. 100 POINTS The study of the economics in terms of whole systems and large sectors of the economy. ECONOMICS MICROECONOMICS MACROECONOMICS A B C

23. CORRECT !!!!!!! B: MACROECONOMICS

24. 100 POINTS The study of the economics that is objective, fact-based and able to be tested. POSITIVE ECONOMICS NORMATIVE ECONOMICS MACROECONOMICS A B C

25. CORRECT !!!!!!! POSITIVE ECONOMICS

26. 100 POINTS The study of the economics that is subjective and based on opinion or one’s own values. POSITIVE ECONOMICS NORMATIVE ECONOMICS MACROECONOMICS A B C

27. CORRECT !!!!!!! NORMATIVE ECONOMICS