1-2 Quiz

Benefits offered to encourage people to act in certain ways are

• incentives

• motives

• utilities

• wants

The benefits or satisfaction gained from the use of a good or service is called a(n)

• Cost

• Incentive

• utility

• desire

The alternative you give up when you make an economic choice is a(n)

• Compromise

• Option

• Trade-off

• Utility

A cost-benefit analysis is often organized by using a(n)

• Decision-making graph

• Decision-making grid

• Incentive grid

• Incentive graph

The value of what you give up by choosing one alternative over another is called

• marginal benefit

• marginal cost

• opportunity benefit

• opportunity cost

The cost of using one more unit of a good or service

• Marginal Benefit

• Marginal Utility

• Marginal Cost

• Marginal Incentive

The benefit or satisfaction received from using one more unit of a good or service

• Marginal Benefit

• Marginal Utility

• Marginal Cost

• Marginal Incentive