Choose the correct answer from the options provided

1.People tend to act to according to self and family; societal; political) interest.

2.Individual action is (unaffected; tempered; determined) by (others; no other) interests.

3.A transactions is a(n) (individually; socially; mutually) beneficial exchange(with; with or without; without) (money; real value; coercion)

4.Scarcity is the (limited; unlimited) nature of(the private sector's; the government's; society's)resources when compared to (unlimited; reasonable; unreasonable) wants.

5.Society(can; cannot)produce all the goods and services people wish to have.

6.Economics the study of how (society;government;companies) manage(s) scarce resources, which includesHow(households; companies; government)decide what to buy, and how much to work, save, and spend, how(households; companies; government) decide how much to produce, how many workers to hire, and how (households; companies ; government) decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs.

7.In order to accomplish a goal, one must(plan; give up; acquire)something else.

8.According to Thomas Sowell, economist seek (solutions; trade-offs; justice)

9.The cost of something is what you (pay,; desire; give up) to get it.

10.Efficiency is achieved when (companies; society;workers) get(s) the most from its scarce resources.

11.A (balance; injustice; trade=off) exists between equality of economic outcomes and economic efficiency.

12.Whatever must be given up to obtain something is known as a(n) (opportunity; direct; indirect; fixed; variable) cost.

13.Rational people think (at the margin; with averages; by totals).

14.When making decisions, rational people compare (costs; perceptions) with (benefits; desires) of available alternatives.

15.Rational people systematically and purposefully do the best they can to (alleviate worry; eliminate any risk; make themselves better off)