Intro to Economics

Economics is....

• The study of markets.
• The study of decision making.
• The study of numbers.
• None of these

An advantage of making a decision is known as a...

• Opportunity Cost
• Positive
• Benefit
• Opportunity Receipt

An disadvantage of making a decision is known as a...

• Opportunity Cost
• Negative
• Missed Opportunity
• Opportunity Receipt

Which of the following is not an opportunity cost of going to the movies?

• Buying a ticket
• Paying for gas to get there
• Taking time off work
• Building a stronger relationship

Opportunity costs of not doing something else should only consider...

• The activity you were not going to do anyway
• Everything you could have been doing
• The next best decision
• None of these

A rational choice is....

• Where the opportunity cost outweigh the benefits.
• Where the benefits outweigh the opportunity cost.
• The next best decision
• A 'free lunch'.

The limitations of the supply of any good or service.

• Competition
• Economic Value
• Intrinsic Value
• Scarcity

The actual value of a product or service with analysis of the benefits.

• Intrinsic Value
• Scarcity
• Competition
• Economic Value

The value of a product as determined by its scarcity and competition.

• Economics
• Intrinsic Value
• Economic Value
• Opportunity Cost

This results from the fact that most resources are limited.

• Intrinsic Value
• Competition
• Economic Value
• Scarcity