1.Marginal analysis involves considering ______ benefits and ______ costs

past; future

future; future

future; past

past; past

2.What are the four factors of production?

raw materials, time, crops, and transportation

Entrepreneurship, Land, Labor, and Capital

Education Institutions, Factories, Roads, and Businesses

3.The value of the next best alternative that was NOT chosen when a decision is made is called the _________

shortage problem

scarcity

opportunity benefit

opportunity cost

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4.Economists believe that the best decisions are made at the margin.

True

False

5.Economist feel the best way to evaluate the cost of a decision is to consider EVERY possible alternative choice

True

False

6._______________ forces us to make choices.

Scarcity

Incentives

Abundance

7.As long as you did not pay money for this course, there is no cost for taking this Microeconomics course.

True

False