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1. Which of the following makes trade-offs necessary? A. Diminishing marginal returns. B. Diminishing marginal utility. C. Limited resources and unlimited wants and needs. D.
1. Which of the following makes trade-offs necessary? A. Diminishing marginal returns. B. Diminishing marginal utility. C. Limited resources and unlimited wants and needs. D. Different opportunity costs. E. An excess of supply. 2. Which of the following is an example of a non-rival good? A. Fireworks for everyone in their sight line. B. A toll road. C. A glass of water. D. Seats at a movie theater. E. An unclaimed spot on a beach. 3. The government of country X owns the means of production, determines incomes and investment, and decides what goods should be produced and how they should be traded. What economic system does country X have? A. Command. B. Capitalist. C. Entrepreneurial. D. Free enterprise. E. Mixed
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