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- Multiple ChoicePlease save your changes before editing any questions.Opportunity Cost isThe alternatives you didn't chooseThe second best alternativeThe negative aspects of an actionThe choice you made
- Multiple ChoicePlease save your changes before editing any questions.Trade-offsAre the same as opportunity costsCan all be considered opportunity costs; it depends on an individual's choiceIs only the next best alternative to the choice you madeWeight the costs and benefits
- Multiple ChoicePlease save your changes before editing any questions.
All of the following are possible opportunity costs to the decision to go out for Pizza except
You could have gone out for Chinese food
Eaten at home instead
You could have gone to your friends house
You will have consumed a lot of food
- Multiple ChoicePlease save your changes before editing any questions.All of the following are possible costs of your decision to go away to college exceptYou will spend lots of time studyingThere may be a lot of social distractionsYou will become more educatedYou will be paying a lot of money
- Multiple ChoicePlease save your changes before editing any questions.What is the difference between cost and opportunity cost?Cost refers to the negative aspects a decision could have whereas opportunity cost only refers to the alternative you didn't chooseOpportunity cost refers to the negative aspects a decision could have whereas cost only refers to the alternative you didn't chooseThey are interchangeable (they mean the same thing but are different parts of speech)There are multiple opportunity costs to an individuals decision but only one cost
- Multiple ChoicePlease save your changes before editing any questions.All of the following may be benefits of going to school exceptGetting an educationGetting less sleepSeeing your friendsNot sitting at home being bored
- Multiple ChoicePlease save your changes before editing any questions.All of the following are trade-offs exceptA teenager decided to choose the smarties over the stickers, pencils, and tissuesA teenager decides to study instead of sleeping or being on her phoneFord decides to make hybrids rather than SUVsMcDonald's needs to decide how many hamburgers to buy
- Multiple ChoicePlease save your changes before editing any questions.Which is true about scarcity?All resources are scarce but some are more scarce than othersScarcity will go away if people use their resources to their fullest potentialScarcity does not exist in places where people are richScarcity is not a reason why people have to make economic decisions
- Multiple ChoicePlease save your changes before editing any questions.Which statement is trueScarcity doesn't exist for everyoneNothing in life is freeRarely do we use economic thinkingSometimes there is no downside to a decision
- Multiple ChoicePlease save your changes before editing any questions.The fact that it smells like dog food near the Purina Factory can be consideredAn external cost to the publicAn external cost to the factory operatorsAn external cost to everyone involvedAn external benefit to the factory operators
- Multiple ChoicePlease save your changes before editing any questions.The study of economics includes all of these as part of its definition exceptUnlimited wants and needs but limited resourcesThe way we use scarce resourcesThe decisions we makeBusiness opportunities created
- Multiple ChoicePlease save your changes before editing any questions.
What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired
Work
Money
Tiredness
Time
- Multiple ChoicePlease save your changes before editing any questions.What is the best example of scarcityThe restuarant is not crowded tonightThe school parking lot only has 150 spaces but 200 students want to park thereThere are 500 houses in the subdivision and 250 of them are occupiedA person decided to dye her hair blonde instead of red
- Multiple ChoicePlease save your changes before editing any questions.
Along with cost, which other concept most related to the concept of scarcity?
ChoiceExternal costsBenefitsLearned behaviors - Multiple ChoicePlease save your changes before editing any questions.You could be sleeping but you are listening to music. Which of your options below has the greatest opportunity cost?Listen to music for 4 hours, stay awake for 4 hoursListen to music for 3 hours, stay awake for 3 hoursListen to music for 2 hours, stay awake for 2 hoursListen to music for 1 hour, stay awake for 1 hour
- Multiple ChoicePlease save your changes before editing any questions.
If you decide to relax (leisure) for 7 hours instead of 5, what is your opportunity cost?2 hours of study2 hours of leisure5 hours of leisure5 hours of study - Multiple ChoicePlease save your changes before editing any questions.You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?$10$90$100$110
- Multiple ChoicePlease save your changes before editing any questions.A cost and benefit analysis, refers to the positive and negative effects making a certain decision will haveTrueFalse
- Multiple ChoicePlease save your changes before editing any questions.There can be more than one-trade offTrueFalse
- Multiple ChoicePlease save your changes before editing any questions.An individual can have more than one opportunity cost for a particular decisionTrueFalse
- Multiple ChoicePlease save your changes before editing any questions.
Using marginal analysis and the information in the table, how many pairs of socks should you buy?
1
2
3
4
- Multiple ChoicePlease save your changes before editing any questions.
Why does the marginal benefit decrease as you buy more pairs of socks?
Each pair of socks is scarce
Marginal utility (usefulness) diminishes with each pair of socks
Socks are expensive
You need socks in order to wear shoes
- Multiple ChoicePlease save your changes before editing any questions.
If you go from point A to point B on the curve, what is your opportunity cost?
250 units of Good R
650 units of Good R
250 units of Good T
500 units of Good T
- PollPlease save your changes before editing any questions.
How confident do you feel about the content covered in Unit 1
Extremely confident
Pretty confident
Somewhat confident
Somewhat unconfident
Not confident at all