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  5. Cost Benefit Analysis Micro Topic 1.5
Cost-Benefit Analysis- Micro Topic 1.5

Cost-Benefit Analysis- Micro Topic 1.5

Assessment

Interactive Video

Social Studies

10th Grade

Hard

Created by

Wayground Resource Sheets

FREE Resource

4 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When faced with a choice between two undesirable options, selecting the less undesirable one demonstrates a fundamental principle in economics. What is this principle?

The law of diminishing returns

The concept of scarcity

Rational decision-making based on alternatives

The paradox of value

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do economists call the quantifiable monetary benefits received from an action, such as higher income from education?

Implicit benefits

Total utility

Explicit benefits

Opportunity costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, what is the term for the total satisfaction or happiness a consumer receives from consuming a good or service, or the total revenue a firm receives from production?

Marginal benefit

Total utility

Net benefit

Consumer surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A student decides to attend a concert instead of working their part-time job. If they would have earned $40 from their job during the concert hours, and the concert ticket cost $50, what is the opportunity cost of attending the concert?

$10

$40

$50

$90

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