Economic Choice Today:  Opportunity Cost

Economic Choice Today: Opportunity Cost

6th Grade

20 Qs

quiz-placeholder

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Economic Choice Today:  Opportunity Cost

Economic Choice Today: Opportunity Cost

Assessment

Quiz

Social Studies

6th Grade

Practice Problem

Easy

Created by

Taylor Wilson

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the term for something that motivates or encourages someone to do something?

Utility

Incentives

Trade-off

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which term refers to the usefulness or satisfaction gained from consuming a product or service?

Utility

Economize

Marginal Cost

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What does it mean to reduce expenses or save resources?

Trade-off

Economize

Opportunity Cost

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the term for the decision-making process that involves comparing the costs and benefits of different options?

Cost-Benefit Analysis

Marginal Benefit

Incentives

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the term for the next best alternative that is given up when a choice is made?

Marginal Cost

Opportunity Cost

Utility

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the term for the additional cost of producing one more unit of a good or service?

Marginal Cost

Trade-off

Economize

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the term for the additional benefit received from consuming one more unit of a good or service?

Marginal Benefit

Utility

Cost-Benefit Analysis

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