Trade-offs and Opportunity Costs
Quiz by Mark Stegall
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20 questions
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- Q1The fact that we have unlimited wants and only a limited about of resources is what is calledproficiencytrade-offsopporutnityscarcity30s
- Q2Opportunity costproductions coststhe lowest available priceproduction lossesthe value of the next best choice30s
- Q3Giving up something for the benefit of something else isscramble://trade-offs30s
- Q4According 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?14612830s
- Q5What is the opportunity cost of moving from 14 bikes to 4 computers5 bikes3 bikes6 bikes9 bikes30s
- Q6If we wanted to begin producing bikes after specializing in all computers, what is the opportunity cost to produce 12 bikes.658430s
- Q7A ________ is when you sacrifice something in order to gain something else.scarce goodresourceopportunity costtrade-off30s
- Q8________ is the value of the best alternative given up when a choice is maderesourcetrade-offopportunity costscarce good30s
- Q9Opportunity costs include _________moneyall answers are correcttimeexperiences30s
- Q10When thinking about opportunity costs, we only consider moneyit dependsuncertainfalsetrue30s
- Q11If you attend a small, private college, you will likely have smaller class sizes but pay higher tuition. This is an example of ascarce goodtrade-offresourceopportunity cost30s
- Q12Sports stars who have the ability to be successful in professional sports have a higher opportunity cost of attending college than typical studentsuncertainit dependsfalsetrue30s
- Q13Applications for graduate schools usually increase when there is ___________a decrease in available jobsan economic booma tuition discoutan increase in available jobs30s
- Q14John 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$50$10$30$4030s
- Q15A ________ shows the maximum combination of two goods that can be produced when all resources and the best technology is usedproduction possibilities curvenet value graphtrade-off graphOpportunities curve30s
