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ch1 - Name Date ch1 1 Microeconomics deals with A the...

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Name: __________________________ Date: _____________ ch1 1. Microeconomics deals with: A) the working of the entire economy or large sectors of it. B) economic growth. C) individual units in the economy. D) gross domestic product. 2. Macroeconomics deals with: A) bits and pieces of the economy. B) the question of how a business unit should operate profitably. C) the working of the entire economy or large sectors of it. D) how individuals make decisions. 3. Scarcity in economics means: A) not having sufficient resources to produce all the goods and services we want. B) the wants of people are limited. C) there must be poor people in rich countries. D) shortages exist in nearly all markets. 4. The opportunity cost of something is:
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