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Q 1/20
Score 0
The fact that we have unlimited wants and only a limited about of resources is what is called
30
proficiency
trade-offs
opporutnity
scarcity
Q 2/20
Score 0
Opportunity cost
30
productions costs
the lowest available price
production losses
the value of the next best choice
20 questions
Q.
The fact that we have unlimited wants and only a limited about of resources is what is called
1
30 sec
Q.
Opportunity cost
2
30 sec
Q.
Giving up something for the benefit of something else is
3
30 sec
Q.
According to the chart above, you have the ability to specialize in Bikes or Computers. What are the most Bikes you can produce in the above economy?
4
30 sec
Q.
What is the opportunity cost of moving from 14 bikes to 4 computers
5
30 sec
Q.
If we wanted to begin producing bikes after specializing in all computers, what is the opportunity cost to produce 12 bikes.
6
30 sec
Q.
A ________ is when you sacrifice something in order to gain something else.
7
30 sec
Q.
________ is the value of the best alternative given up when a choice is made
8
30 sec
Q.
Opportunity costs include _________
9
30 sec
Q.
When thinking about opportunity costs, we only consider money
10
30 sec
Q.
If you attend a small, private college, you will likely have smaller class sizes but pay higher tuition. This is an example of a
11
30 sec
Q.
Sports stars who have the ability to be successful in professional sports have a higher opportunity cost of attending college than typical students
12
30 sec
Q.
Applications for graduate schools usually increase when there is ___________
13
30 sec
Q.
John goes to the movies on Friday night and pays $10 for a ticket. if John had worked instead, he could have earned $40. What is John's opportunity cost of going to the movie
14
30 sec
Q.
A ________ shows the maximum combination of two goods that can be produced when all resources and the best technology is used
15
30 sec
Q.
because of scarcity everyone, even billionaires, face trade-offs
16
30 sec
Q.
You are making a choice between four different alternatives. The opportunity cost of your choice is _________.
17
30 sec
Q.
Points _________ the production possibilities curve represent combinations of goods that cannot be produced with the about of the resources and level of technology currently available
18
30 sec
Q.
Point A on the Productions possibility curve represents
19
30 sec
Q.
Which letter represent production at the optimum, most efficent about given the resources available
