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Unit 1.2

Quiz by Angela Anderson

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9 questions
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  • Q1
    Monetary or non-monetary gain received because of an action taken or a decision made; what satisfies your wants.
  • Q2
    What must be given up to obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
  • Q3
    The additional gain from consuming or producing one more unit of a good or service; can be measured in dollars or satisfaction. The benefit gained by consuming one more of something.
    Marginal benefit
  • Q4
    The increase in a producer's total cost when it increases its output by one unit. The cost incurred by consuming one more of something.
    Marginal cost
  • Q5
    A process of examining the benefits (positive results) and costs (what is given up - lost benefits) of each available alternative in arriving at a decision.
    Cost-benefit analysis
  • Q6
    A widely observed relationship in which the additional satisfaction (marginal utility) associated with consuming additional units of the same product in a given amount of time eventually declines.
    Diminishing marginal utility
  • Q7
    A decision-making tool for comparing the additional or marginal benefits of a course of action to the additional or marginal costs.
    Marginal analysis
  • Q8
    the unexpected and unplanned results of a decision or action.
    Unintended consequence
  • Q9
    Optimal quantity to maximize profits

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