
Economics and Decision Making
Authored by Joseph Suek
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University
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one thing the PPF does not tell us?
Which allocation of resources is the best
if the opportunity cost is increasing or decreasing
the tradeoff
none of the above (it tells us all these things)
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Scarcity is a situation in which:
Something is being wasted.
Something is on the verge of running out.
Some people are poor and others are rich.
We are unable to satisfy all our wants.
All of the above.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is a model of:
Money.
Buying and selling.
How people make choices.
How people should behave.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost refers to:
The monetary price of a good or service.
The highest-valued alternative that is given up when a choice is made.
The cost of producing a good or service.
The total benefits received from a choice.
The difference between supply and demand.
5.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which of the following best illustrates a tradeoff?
A government must decide whether to spend more on healthcare or education.
A business hires more workers and increases productivity.
A family decides to save more money and, as a result, takes fewer vacations.
A person exercises regularly and improves their health.
Both a and c.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Based on the table, if the country is currently producing at point B and decides to produce at point C, the opportunity cost for the additional pair of shoes is ____ pizzas.
1 pizza
2 pizzas
3 pizzas
4 pizzas
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to the table showing Possibility, Pairs of shoes, and Pizza. What is the number of pairs of shoes produced in Possibility D?
26
3
23
2
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