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Introduction to Economics

Authored by Dena Goldberg

Social Studies

9th - 12th Grade

Used 1K+ times

Introduction to Economics
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24 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost is 

The alternatives you didn't choose
The second best alternative 
The negative aspects of an action
The choice you made

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Trade-offs

Are the same as opportunity costs
Can all be considered opportunity costs; it depends on an individual's choice
Is only the next best alternative to the choice you made
Weight the costs and benefits

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

All of the following are possible costs of your decision to go away to college except

You will spend lots of time studying
There may be a lot of social distractions
You will become more educated
You will be paying a lot of money

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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 choose
Opportunity cost refers to the negative aspects a decision could have whereas cost only refers to the alternative you didn't choose
They 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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following may be benefits of going to school except

Getting an education
Getting less sleep
Seeing your friends
Not sitting at home being bored

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

All of the following are trade-offs except

A teenager decided to choose the smarties over the stickers, pencils, and tissues
A teenager decides to study instead of sleeping or being on her phone
Ford decides to make hybrids rather than SUVs
McDonald's needs to decide how many hamburgers to buy

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