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Economics Chapter 2 Test

9 Questions  I  By Pooh3620
Economics Quizzes & Trivia
Select the correct choice to each of the following questions

  
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Question Excerpt

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1.  The value of the best alternative forgone when an activity is chosen can best be defined as
A.
B.
C.
D.
2.  Absoulute Advantage is:
A.
B.
C.
D.
3.  Sunk cost is a cost that has already been what?
A.
B.
C.
D.
4.  The law of Comparative Advantage is defined as
A.
B.
C.
D.
5.  Using fewer resources then other producers is:
A.
B.
C.
D.
6.  Comparative Advantage is:
A.
B.
C.
D.
7.  The direct exchange of one good for another without using money is a
A.
B.
C.
D.
8.  Economic growth does what to the economy
A.
B.
C.
D.
9.  Private Propety rights allows owners to do what:
A.
B.
C.
D.
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