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- 1. Multiple Choice
Which of thes options best describes opportunity cost?
The price of taking a chance
The alternative you have to go without in a choice of two things
The cost of opportunity
The price you pay when you make a choice
- 2. Multiple Choice
Which of these are external factors that influence financial decisions?
Price
Personal
Cultural
Marketing
Finance
- 3. Multiple Choice
Which best identify Internal factors influencing financial decisions?
Age
Gender
Occupation
Social Influences
Marketing
- 4. Multiple Choice
A bus fare is $2.00 in the morning rush hour, but only $1.50 during the afternoon. The morning fare can be explained by the fact that the demand for morning bus rides is
Price Elastic
Price Inelastic
- 5. Multiple Choice
Which of these are more representative of Price Elastic
Fresh fruit and vegetables
Milk, Eggs and Bread
- 6. Multiple Choice
What is a cost-benefit analysis?
The taxes that people pay when they buy something.
A process that allows businesses and individuals to analyze where to spend money.
The amount of money required to have or do something
- 7. Multiple Choice
What are consequences?
something that is possible but is not yet real
money charged to do something for a service
task that demands time and effort to complete
the results (positive or negative) of an action or decision
- 8. Multiple Choice
The opportunity cost of Australian households moving away from coal-powered energy to solar-powered energy includes:
(i) the loss of jobs in the coal industry,
(ii) a cleaner environment,
(iii) reduced coal production.
(i), (ii) and (iii)
(ii) and (iii)
(iii) only
(i) and (iii)
- 9. Multiple Choice
What is a cost?the item you receive after you paygiving up one thing for anotherthe amount of money paid for something - 10. Multiple ChoiceWhat is a benefit?the item you receive after you pay for itgiving up one thing for anotherthe amount of money paid for something
- 11. Multiple ChoiceWhat is a trade-off?the item you receive after you paygiving up one thing for anotherthe amount of money paid for something
- 12. Multiple ChoiceYou want to buy a new video game and a new pair of sneakers. You only have enough money to buy one of them. If you buy the video game, what is your trade-off?The money you spend on the video gameThe video gameThe sneakers
- 13. Multiple ChoiceWhich do people compare in order to make choices?Costs & BenefitsSupply & DemandBuying & SellingApples & Oranges
- 14. Multiple ChoiceWhat is it called when a product loses value over time?DepreciationInflationAssetsGrowth
- Answer choicesTagsAnswer choicesTags