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Intro to Economics

Total questions: 24

Worksheet time: 15mins

Name
Class
Date
1.
Opportunity Cost is 
a)
The alternatives you didn't choose
b)
The second best alternative 
c)
The negative aspects of an action
d)
The choice you made
2.
Trade-offs
a)
Are the same as opportunity costs
b)
Can all be considered opportunity costs; it depends on an individual's choice
c)
Is only the next best alternative to the choice you made
d)
Weight the costs and benefits
3.

All of the following are possible opportunity costs to the decision to go out for Pizza except

a)

You could have gone out for Chinese food

b)

Eaten at home instead

c)

You could have gone to your friends house

d)

You will have consumed a lot of food

4.
All of the following are possible costs of your decision to go away to college except
a)
You will spend lots of time studying
b)
There may be a lot of social distractions
c)
You will become more educated
d)
You will be paying a lot of money
5.
What is the difference between cost and opportunity cost?
a)
Cost refers to the negative aspects a decision could have whereas opportunity cost only refers to the alternative you didn't choose
b)
Opportunity cost refers to the negative aspects a decision could have whereas cost only refers to the alternative you didn't choose
c)
They are interchangeable (they mean the same thing but are different parts of speech)
d)
There are multiple opportunity costs to an individuals decision but only one cost
6.
All of the following may be benefits of going to school except
a)
Getting an education
b)
Getting less sleep
c)
Seeing your friends
d)
Not sitting at home being bored
7.
All of the following are trade-offs except
a)
A teenager decided to choose the smarties over the stickers, pencils, and tissues
b)
A teenager decides to study instead of sleeping or being on her phone
c)
Ford decides to make hybrids rather than SUVs
d)
McDonald's needs to decide how many hamburgers to buy
8.
Which is true about scarcity?
a)
All resources are scarce but some are more scarce than others
b)
Scarcity will go away if people use their resources to their fullest potential
c)
Scarcity does not exist in places where people are rich
d)
Scarcity is not a reason why people have to make economic decisions
9.
Which statement is true
a)
Scarcity doesn't exist for everyone
b)
Nothing in life is free
c)
Rarely do we use economic thinking
d)
Sometimes there is no downside to a decision
10.
The fact that it smells like dog food near the Purina Factory can be considered 
a)
An external cost to the public
b)
An external cost to the factory operators
c)
An external cost to everyone involved
d)
An external benefit to the factory operators
11.
The study of economics includes all of these as part of its definition except
a)
Unlimited wants and needs but limited resources
b)
The way we use scarce resources
c)
The decisions we make
d)
Business opportunities created
12.

What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired

a)

Work

b)

Money

c)

Tiredness

d)

Time

13.
What is the best example of scarcity
a)
The restuarant is not crowded tonight 
b)
The school parking lot only has 150 spaces but 200 students want to park there
c)
There are 500 houses in the subdivision and 250 of them are occupied
d)
A person decided to dye her hair blonde instead of red
14.

Along with cost, which other concept most related to the concept of scarcity?

a)
Choice
b)
External costs
c)
Benefits
d)
Learned behaviors
15.
You could be sleeping but you are listening to music. Which of your options below has the greatest opportunity cost?
a)
Listen to music for 4 hours, stay awake for 4 hours
b)
Listen to music for 3 hours, stay awake for 3 hours
c)
Listen to music for 2 hours, stay awake for 2 hours
d)
Listen to music for 1 hour, stay awake for 1 hour
16.
If you decide to relax (leisure) for 7 hours instead of 5, what is your opportunity cost?
a)
2 hours of study
b)
2 hours of leisure
c)
5 hours of leisure
d)
5 hours of study
17.
You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?
a)
$10
b)
$90
c)
$100
d)
$110
18.
A cost and benefit analysis, refers to the positive and negative effects making a certain decision will have
a)
True
b)
False
19.
There can be more than one-trade off
a)
True
b)
False
20.
An individual can have more than one opportunity cost for a particular decision
a)
True
b)
False
21.

Using marginal analysis and the information in the table, how many pairs of socks should you buy?

a)

1

b)

2

c)

3

d)

4

22.

Why does the marginal benefit decrease as you buy more pairs of socks?

a)

Each pair of socks is scarce

b)

Marginal utility (usefulness) diminishes with each pair of socks

c)

Socks are expensive

d)

You need socks in order to wear shoes

23.

If you go from point A to point B on the curve, what is your opportunity cost?

a)

250 units of Good R

b)

650 units of Good R

c)

250 units of Good T

d)

500 units of Good T

24.

How confident do you feel about the content covered in Unit 1

a)

Extremely confident

b)

Pretty confident

c)

Somewhat confident

d)

Somewhat unconfident

e)

Not confident at all

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