Econ Quiz 1 2024/2025

A desire that can be satisfied by consuming a good or service. These are things that you purchase for your own, and are not necessarily needed for survival.

• Needs
• Goods
• Wants
• Services
• Scarcity

A tutor is hired to help a struggling student in econ. The tutor is paid money. This is an example of.....

• Goods
• Scarcity
• Services
• Needs

Which of the following is the definition of scarcity?

• Branch of economics that studies how an overall economy behaves.
• The gap between limited resources and (in theory) unlimited wants.
• A thing that motivates or encourages one to do something.
• The potential benefits an individual, investor, or business misses out on when choosing one alternative over another

Mr. Bhullar is deciding where he wants to eat dinner. His choices are between Chipotle and In-n-Out. He chooses Chipotle for dinner. Which of the following is an OPPORTUNITY COST of his decision?

• The $8 it costs for his burrito.
• Chipotle is a farther drive.
• Chipotle has a rewards program.
• The chance to eat at In-n-Out.

When analyzing the costs and benefits of anticipated outcomes, this process is called:

• Opportunity Cost
• Marginal Costs
• Marginal Benefits
• Cost Benefit Analysis
• Trade Off

If Mr. Bhullar says the student with the highest grade gets $200, this would encourage you to take different actions. In Econ that is known as...

• Utilitys
• Incentives
• Trade Offs
• Opportunity Costs

If Mr. Bhullar goes to Dairy Queen and orders an Oreo Blizzard (which is fire by the way). He would be considered a what?

• Consumer
• Producer
• Entrepreneur
• Servicer

James has $150 to spend. He can either buy a new video game console for $150 or use that money for a weekend trip with friends that costs $150. If he chooses the console, what is his opportunity cost?

• The time spent deciding
• The enjoyment of the video game console
• The $150 spent on the console
• The experience and memories from the trip

Joe has the option to study for his upcoming economics exam or work an extra shift at his job, which pays $50. If he decides to study, what is his opportunity cost?

• The knowledge gained from studying
• The time spent studying
• The potential benefits of improved grades
• The $50 he could have earned by working

Maddie has a choice between spending her summer working at a local bakery for $3,000 or volunteering for a non-profit organization that doesn't pay but offers valuable work experience. If she chooses to volunteer, what is her opportunity cost?

• The experience gained from volunteering
• The $3,000 she could have earned
• The time spent volunteering
• The skills she develops at the bakery