Opportunity Costs and Trade offs

Opportunity Costs and Trade offs

12th Grade

6 Qs

quiz-placeholder

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Opportunity Costs and Trade offs

Opportunity Costs and Trade offs

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Gilbert Velasquez

Used 81+ times

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost of a good is

its price in dollars and cents.

the alternative goods not chosen.

the price of alternative goods not chosen.

none of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you make a choice, the next best option that you did not choose is called...

a Trade-off

a Opportunity cost

a lost opportunity

a rejected option

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should be the most important factor considered when you make a decision?

the Trade-offs

the Opportunity cost

the lost opportunities

the opinions of others

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because of scarcity, people are forced to make _________ in about how to use resources.

Choices

Opportunities

time

investments

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trade-off is

a purchase in a marketplace.

an alternative that we sacrifice when we make a decision.

any good or service a consumer needs.

a factor of production.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 to improve ones social status.

The time it will take to earn the income to purchase a good.