Opportunity Cost Quiz

Which of the following describes Scarcity

• Unlimited Wants and Unlimited Resources

• Limited Wants and Limited Resources

• Limited Wants and Unlimited Resources

• Unlimited Wants and Limited Resources

"What you need to give up to get a Service or Good" is called

• Benefit

• Cost

• Payment

• Trade Off

What one positively gains by using a Service or Good is called

• Costs

• Gains

• Benefits

• Enjoyment

The main goal of an Incentive is to..

• Offer a benefit to encourage people to act in certain ways

• Offer a cost to stop people from acting in certain ways

• You scratch my back, I'll scratch yours

• Get people to act in a way you don't want them to

Making decisions based on the best combination of low costs and high benefits is called

• Cost cutting

• Improvement

• Economize

• Getting a Good Deal

When you make a decision between one choice and another, the choice you DID NOT MAKE is called

• The Alternative

• The Other Choice

• A Trade Off

• The Anti-Choice

Which of the following is an Opportunity Cost of working 8 hours a day at a job?

• More Money

• Less Free Time Outside of Work

• More Hours Working

• Less Time With Your Family

If you have the choice between going to a party or going to bed, and you choose to go to bed, the Trade Off would be..

• Going to Bed

• Going to the Party

A Cost-Benefit Analysis tries to..

• Figure out how much something costs

• Figure out what benefits you get from a choice

• Compares the costs and the benefits to see if a choice is worth it

• Subtracts the benefits from the costs

Which of the following is a benefit of eating a sandwich?

• The price you pay for the sandiwch

• The value you'd get if you sold your sandwich to someone else

• The fact the sandwich tastes good and fills you up

• You don't need to eat anything else