2.1 Economics

2.1 Economics

9th Grade

10 Qs

quiz-placeholder

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2.1 Economics

2.1 Economics

Assessment

Quiz

Life Skills

9th Grade

Practice Problem

Medium

Created by

Eric Baptist

Used 5+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The measures cost by what we give up/forfeit in exchange; opportunity cost measures the value of the forgone alternative

Opportunity Cost

Budget Constraint

Space and Opportunity

Budget Opportunity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The costs that we make in the past that we cannot recover.

Ex. You paid $30 but now it is $20

Cause and Effect

Loss of value

Sunk Cost

Out of Luck

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

All possible consumption combinations of goods that someone can afford, given the prices of goods, when all income is spent; the boundary of the opportunity set

Budget Flow

Budget Constraint

Capital Allocation

Broke

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Media Image

What does B = P x Q mean?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Marginal analysis is the examination of decisions on the margin, meaning a little more or a little less from the status quo.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is comparative advantage?

when the mix of goods produced represents the mix that society most desires

Priceline negotiator

when no country can produce a good at a at any price in terms and when a country has no way of production

when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

When the mix of goods produced represents the mix that society most desires

allocative efficiency

Societal Mixing

Good Production

Needs benefi

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