Review Unit 1-4

Front

Which of the following scenarios best illustrates the concept of opportunity cost? A student decides to study for an exam instead of going to a movie, missing out on the entertainment.

Back

A student decides to study for an exam instead of going to a movie, missing out on the entertainment.

Front

How does opportunity cost influence decision making in everyday life?

Back

It helps individuals evaluate the benefits of different choices by considering what they must give up.

Front

Back

$100,000

Front

Back

$150

Front

In the context of trade-offs in economic choices, which of the following statements is true? Trade-offs only occur in financial decisions. Trade-offs require sacrificing one goal to achieve another. Trade-offs are irrelevant in a market economy. Trade-offs always result in a net loss.

Back

Trade-offs require sacrificing one goal to achieve another.

Front

In which year would the economy be considered the healthiest based on the data provided? Options: 2008, 2010, 2012, 2014

Back

2014

Front

What type of market structure is described where many vendors sell identical crops with no major differences and no limit to the number of vendors?

Back

Pure Competition

Front

What type of market structure is characterized by major companies like Verizon, AT&T, and T-Mobile controlling the wireless market, making it difficult for smaller companies to compete? Options: Oligopoly, Pure Competition, Monopolistic Competition, Pure Monopoly, Barrier to Entry

Back

Oligopoly

Front

In Monopolistic Competition you would find that purchases are made generally based on __

Back

brand loyalty

Front

An Oligopoly is when there are

Back

few producers who control the market