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- 1. Multiple ChoiceWhat is opportunity cost?your choicewhat you give up to make a choice
- 2. Multiple ChoiceWhat is scarcity?Having too many resourcesNot having enough resources
- 3. Multiple Choice
Which one of these definitions best describe 'Opportunity Costs'?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity that will cost you loads of money.
- 4. Multiple ChoiceBecause of scarcity, any time a choice is made, there are alternatives that are not chosen.TrueFalse
- 5. Multiple ChoiceWhich of these is NOT an example of a need?WaterFoodwatchShelter
- 6. Multiple Choice
What is opportunity cost?
your choice
the second best option; the next best thing that you give up when you make a choice
- 7. Multiple Choice
Challenging the usual involves asking "Why" and "What if" questions
True
False
- 8. Multiple Choice
Which is not a source of opportunity?
Problems
Changes in laws
Existing Products and Services
Economic downturn
- 9. Multiple ChoiceThe opportunity cost is the value of the _______ that had to be given up f the alternative that was chosen.all the itemsthe next best alternativethe least important alternativeeverything except the item that was chosen.
- 10. Multiple Choice
A famous saying is, "There is no such thing as a free lunch." What does this statement mean?
Everything has a cost
Never accept a free lunch
You must always pay for lunch
None of these options
- 11. Multiple Choice
Who determines your opportunity cost?
Your parents
You
Your friends
Your teachers
- 12. Multiple Choice
True or False: All choices require giving up something else.
true
false
- 13. Multiple Choice
You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your _________________.
opportunity cost
economic choice
fun
happy place
- 14. Multiple Choice
What is a good?
Items you buy
What someone does for someone else
- 15. Multiple Choice
What is a service?
Items you buy
Something you do for someone else
- 16. Multiple Choice
Who are people who use or buy goods and services?
Producers
Consumers
Users
Sellers
- 17. Multiple Choice
Opportunity cost is what you give up to get something else instead.
True
False
- 18. Multiple Choice
Which of these terms is the BEST synonym for the word "entrepreneur"?
"business owner"
"home owner"
"employee"
"student"
- Answer choicesTagsAnswer choicesTags