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Burris EPF Unit 1 Review

Authored by Jared Burris

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11th Grade

Used 11+ times

Burris EPF Unit 1 Review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes how economists recommend making decisions?

Compare total costs to marginal costs
Compare total benefits to marginal costs
Compare marginal costs to total benefits
Compare marginal cost to marginal benefit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An opportunity cost is best described as:

The monetary value of your least valued option
The value you place on your next best alternative
The monetary cost of the option you choose
The total monetary and non-monetary value of your least valued option

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following scenarios best exemplifies someone falling into the sunk cost fallacy?

Rachel, after noticing that her new shoes are uncomfortable and cause blisters, decides to continue wearing them because they were expensive.
John, after losing money on a poor stock investment, decides to diversify his portfolio to mitigate future risks.
Amy, after realizing that she bought a faulty laptop, decides to return it and get a refund.
Michael, after seeing that the movie he is watching is not interesting, decides to leave the theater.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is TRUE about economic growth?

Economic growth has increased at a steady pace over the last 2,000 years.
Economic growth fluctuates over time. On average, there has not been significant growth in the last 200 years.
Most economic growth has occurred in the last 20 years.
Economic growth started to exponentially increase sometime in the 1800s.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose that you purchase a nonrefundable $15 movie ticket for tonight at 7:30 pm. After purchasing, you get a call from a friend inviting you to a concert tonight that they just won free tickets for. You value the concert ticket at $100. What is your opportunity cost of seeing the movie?

$100
$85
$15
$115

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose that you buy a house to renovate. Which of the following is a sunk cost?

The realtor fee you paid when you purchased the house
The resale value of the house
The expected cost of replacing the roof
The value of your friend’s time who have offered to come help you rip out old carpets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is positively correlated with economic growth?

Literacy
Life expectancy
Happiness
All of the above

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