Decisions and Trade-offs
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Questions and Answers

Which one of the following is a trade-off that individuals face according to Principle 1?

  • Specialization vs. Self-sufficiency
  • Efficiency vs. Equality (correct)
  • Market vs. Society
  • Buyers vs. Sellers

    • According to Principle 5, how can trade benefit individuals and countries?

  • Increase self-sufficiency
  • Buy goods at a higher price
  • Produce goods at home
  • Specialize in producing one good or service (correct)

    • What is a market according to Principle 6?

  • A place where goods are produced
  • A single location where buyers and sellers meet
  • A group of buyers and sellers (correct)
  • An economic activity organized by society

    • According to Principle 2, what is the cost of something?

    <p>What you give up to get it</p> Signup and view all the answers

    Which principle states that society faces a trade-off between efficiency and equality?

    <p>Principle 1</p> Signup and view all the answers

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