Opportunity cost is most similar to

all the alternatives forfeited.

Opportunity cost could be described as

the dollar price paid for your selection.

all the alternatives you consider.

As the opportunity cost of a decision increases, a person will be

less likely to make such a decision.

more likely to make such a decision.

When a society spends money on national defense, there is

a trade-off, since that money cannot be used for a school or a bridge.

no trade-off, since everyone benefits from national defense.

a trade-off during peacetime, but not during wartime.

no trade-off, since it is not a personal decision.

High school athletes who choose not to attend college but instead select professional sports

have weighed the costs and benefits.

don't realize what a college education is worth.

can't play forever and are making a poor decision.

should attend college first, then play professional sports.

allocates products to those who are willing and able to pay.

isn't a fair method of rationing.

constantly increases on all products.

drops when a product becomes popular.

What is Economics Quiz

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Rationing exists because of

a surplus of products.

price.

scarcity.

incentives.

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The opportunity cost of something is

the dollar value of the item.

less than the dollar value of the item.

more costly to the poor.

what you give up to get the item.

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The marginal cost of something is

never greater than the marginal benefit.

the opportunity cost minus the actual cost.

the cost to produce one additional unit.

an intangible resource.

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A production possibilities frontier shows

all possible combinations of two goods an economy can produce.

all the possible production of one particular good.

all possible combinations of all the goods that an economy can produce.

all the possible combinations of four goods an economy can produce.

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

If you are making decisions at the margin, you are

selecting either all or nothing at all.

confused about what to do.

comparing the extra benefit to the extra cost.

All of the above.

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

If your parents offer you cash for every A on your report card, that is an example of

an incentive.

a bribe.

marginal cost

a trade-off.

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Animals are classified as which of the following factors of production?

land

labor

capital

entrepreneurship

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What is Economics

Rationing exists because of

The opportunity cost of something is

The marginal cost of something is

A production possibilities frontier shows

If you are making decisions at the margin, you are

If your parents offer you cash for every A on your report card, that is an example of

Animals are classified as which of the following factors of production?

Which of the following groups is faced with scarcity?

Economics would not exist if it were not for

Opportunity cost is most similar to

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