Microeconomics Unit Review
Flashcard
•
Financial Education
•
11th Grade
•
Practice Problem
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
What is Victoria's opportunity cost if she chooses to volunteer at the animal shelter instead of learning how to play a new instrument?
Back
Learning to play a new instrument
2.
FLASHCARD QUESTION
Front
The highest-valued, next-best alternative that must be sacrificed to obtain something or to satisfy a want
Back
opportunity cost
3.
FLASHCARD QUESTION
Front
What was the opportunity cost of my decision to order pizza instead of Chinese food?
Back
The Chinese food I didn't order
4.
FLASHCARD QUESTION
Front
The word economists use to describe the problem of limited resources and people's unlimited wants and needs is...
Back
scarcity
5.
FLASHCARD QUESTION
Front
Which of these is NOT one of the three economic questions?
What goods and services should be produced?
How should goods and services be produced?
Whom will goods and services be produced for?
Where will goods and services be produced?
Back
Where will goods and services be produced?
6.
FLASHCARD QUESTION
Front
Which definition best defines scarcity?
Back
Demand for a good/service that is greater than the availability of that good/service
7.
FLASHCARD QUESTION
Front
A farmer chooses to plant wheat over corn. What is this an example of?
Back
opportunity cost
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