Cost Benefit Analysis

Cost Benefit Analysis

12th Grade

15 Qs

quiz-placeholder

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Cost Benefit Analysis

Cost Benefit Analysis

Assessment

Passage

Social Studies

12th Grade

Practice Problem

Hard

Created by

MARISSA DECKER

Used 4+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main idea behind rational decision making by logical agents?

Randomly choosing between different options

Ignoring the costs and focusing only on benefits

Minimizing the difference between benefits and costs

Maximizing the difference between benefits and costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are benefits and costs typically quantified in rational decision making?

Both benefits and costs in terms of time

Benefits in terms of time, costs in terms of dollars

Benefits in terms of dollars, costs in terms of time

Both benefits and costs in terms of dollars

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the explicit cost of going to a movie in the given example?

$12

$90

$30

$10

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the implicit cost associated with going to a movie in the given example?

$10

$90

$12

$30

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of going to a movie for three hours in the given example?

$10

$30

$12

$90

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the total cost of going to a movie for three hours in the given example?

$30

$12

$10

$100

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the next best alternative to going to a movie in the given example?

Watching TV

Weeding your aunt's garden

Mowing lawns

Working in an ice cream shop

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