2 Whatever must be given up to obtain some item ?

a. ways and means

b. allocation

c. foregone conclusion

d opportunity cost

e none of the above

3. A communist country is most likely to have this kind of economic system ?

a. a common market economy based on common goods and efficiency

b. a capitalist economy based on unregulated markets

c. a Milton Friedman economy based on creative destruction

d a command economy dictated by central planners

e modified socialist economy

4. The impact of one person's actions on the well-being of another ?

a. direct effect

b. eco-consequences

c. incidence

d externality

e none of the above

5. In the circular model of an economy ?

a. factors of production are owned by households

b. factors of production are owned by firms

c. an actiengesselschaft is the same as a household

d. markets for goods and services flows from households

e. none of the above