Introduction to economics

Opportunity Cost is 

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

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

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

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

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

Which is true about scarcity?

• All resources are scarce but some are more scarce than others
• Scarcity will go away if people use their resources to their fullest potential
• Scarcity does not exist in places where people are rich
• Scarcity is not a reason why people have to make economic decisions

Which statement is true

• Scarcity doesn't exist for everyone
• Nothing in life is free
• Rarely do we use economic thinking
• Sometimes there is no downside to a decision

What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired

• Work

• Money

• Tiredness

• Time

You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?

• $10
• $90
• $100
• $110

What factor of production does this picture represent?

• Land
• Capital
• Labor
• Entrenprenour