Personal Finance and Government

Patrick was given a choice between a red pencil and a blue pencil.  He chose the blue pencil.  

Which pencil was the opportunity cost?

• blue

• red

• green

• none of the above

Allocate means to...

• take something away

• give out something

• jump up and down

• eat something

What method of allocation is described below:

A majority of Katie's classmates voted for her to be class president.

A majority of Jalyn’s classmates voted foA majority of Jalyn’s classmates voted for her to be class president. r her to be class president. A

• first come, first served

• price

• sharing

• majority rule

What method of allocation is described below:

The substitute teacher gave certain students a piece of candy for their good behavior.

• contest

• price

• authority

• first come, first served

What method of allocation is described below:

Mark's mom made a cake for his class to celebrate his birthday. Every student was given a piece of cake.

• sharing

• first come, first served

• contest

• price

What method of allocation is described below:

Susie works as a nurse and gets paid. She can afford to buy things.

• majority rule

• sharing

• price

• contest

What method of allocation is described below:

Charlie ran the fastest and won a race. He was given a McDonald's gift card.

• authority

• contest

• price

• majority rule

What method of allocation is described below:

Jane and her brother were the first in line for the new Iphone. Only the first 25 people in line could get the phone.

• First come, first served

• price

• authority

• majority rule

Bartering is when someone trades for something else that is believed to be equal value.

• TRUE

• FALSE

We use money instead of bartering because the value of money remains the same over time.

• TRUE

• FALSE