QLMS: SOL Review - CE.8.11.a-b

Olivia normally works after school on Mondays and Wednesdays. Which is her opportunity cost if she adds Tuesday and Thursday afternoons to her work schedule?

• The extra money she could earn

• The additional hours she spends at the job

• The time she could spend studying

• The new clothes she could buy

Which type of economy is being defined?

• Command

• Free Market

• Mixed

• Traditional

In which economic system will people most likely perform the same type of work as their parents?

• Traditional

• Command

• Free Market

• Mixed

Which phrase best completes the title of this diagram?

• Industrial Productivity

• Government Regulation

• Business Profit

• Consumer Choice

If you have to decide between attending a friend's birthday party or completing a project due the next day, and you choose to attend the party, what is the opportunity cost?

• The fun of the birthday party

• The time that could have been spent on the project

• The memories made at the party

• The potential to get a good grade on the project

Humphery Flobart is trying to decide whether to take a job as the manager at the local Wendy's (making $25,000/year) OR attend college. He cannot do both. For Humphery, the opportunity cost of attending college includes...

• The money he will spend on food whether or not he attends college.

• The money he will spend on dates with his girlfriend, whether or not he attends college.

• The $25,000 Humphery could make managing the local Wendy's next year if he didn't go to college.

• The cost that Humphery's college, Boptown University, just paid to construct a new International Studies building.

Tags

DOK 2

Opportunity Cost & Tradeoffs

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a free market economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a command economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a traditional economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government