Quizizz--Economics (Module 1--Element 1.2)--TINSTAAFL

What is the main reason we have to make choices according to the text?

• Unlimited resources

• Scarcity of resources

• Abundance of time

• Unlimited money

What term do economists use to refer to all costs?

• Financial costs

• Hidden costs

• Opportunity costs

• Direct costs

According to the text, what is an example of an opportunity cost?

• Buying a new car

• Taking a walk instead of visiting a friend

• Saving money in a bank

• Investing in stocks

What does the phrase "no free lunch" imply in the context of the text?

• Everything has a cost

• Lunch is always expensive

• Free meals are common

• Lunch is the most important meal

What is the main reason given for considering costs when making decisions?

• To encourage spending on valuable things

• To recognize the value of forgone alternatives

• To ignore the value of alternatives

• To ensure spending on mutually exclusive items

According to the text, what happens if consumers do not consider costs?

• They will save more money

• They will purchase the "wrong" things

• They will buy more valuable goods

• They will have more alternatives

What do high costs for resources indicate in the market?

• Resources are not valued

• Resources have highly valued uses

• Resources are abundant

• Resources are undervalued

What can government policies introduce to help those inconvenienced by prices in free markets?

• Taxes or subsidies

• Free goods

• Unlimited resources

• Price controls

Why is the terminology "free education" or "free medical care" considered deceptive?

• They are actually free

• They require scarce resources

• They are funded by donations

• They are only available to some people

What is the cost of schooling according to the text?

• The monetary price of tuition

• The value of goods that must be sacrificed

• The time spent in education

• The government funding