1. Economics is BEST defined as the study of how: A) to classify resources used to produce final goods and services. B resources are apportioned to satisfy human wants. C) people make rational decisions. D) technology can be used to change scarce resources into free resources. 2. Because of scarcity: A resources are limitless. B) wants are limited C) choices are unlimited. D we face tradeoffs in nearly every choice we make. 3. Scarcity is BEST defined as when: A) the quantity demanded exceeds quantity supplied. B) the quantity supplied exceeds quantity demanded. c ) unlimited resources exceed limited wants. D unlimited wants exceed limited resources. 4. The field of economics that focuses on decision-making by individuals, businesses, industries, and government is called: A) macroeconomics. B) decision science. mini-economics. microeconomics. 5. The field of economics that is concerned about the broader issues in the econo- as inflation, unemployment, and national output of goods and servic macroeconomics. B) microeconomics. national economics. D labor force economics