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Opportunity Cost Quiz 5 (25 MCQs)

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1. What is an example of specialization?
2. Scarcity arises because all societies have
3. Making a decision between 2 choices or things is
4. SSEF1d The value of the next best alternative given up is called
5. Mr. Prince gave his wife $ 150 to pay an electric bill instead of buying tickets to see the New York Yankees. What is the opportunity cost?
6. If a point falls in the interior of a ppc, there is a(n)
7. The use of the smallest amount of resources to produce the greatest amount of output. It is the main reason why scarcity is good.
8. Why can an economy not produce above the PPC
9. When one good is sacrificed for another it is called a(n):
10. A government is faced with the choice of spending on either education or healthcare.Of what is this an example?
11. Citizens during WWII had to find _____ ways to live without resources that were limited.
12. What good does Toys R Us specialize in?
13. The place where goods and services are exchanged
14. What is the non-monetary cost of attending college?
15. Tyra Foster likes asking at least 21 questions. She had to make a decision to ask another one or not to. She chose to not ask another question. What is her opportunity cost?
16. Sam's boss called to offer her an extra shift tonight. Sam wanted the money, but she's got a big swim meet tomorrow and needed sleep. She told her boss to offer the shift to someone else. What is the opportunity cost?
17. Which of these would NOT be an example of an opportunity cost of working on a homework assignment?
18. 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?
19. At the store a boy is trying to decide if he wants to spend his money on a new jacket or a pair of cool boots. This is an example of-
20. The fact that there are limited amounts of goods and services to meet unlimited wants is called:
21. An increase in resources
22. A student decides to buy a ticket for a concert instead of buying a new shirt. What is the opportunity cost of buying the ticket?
23. In terms of the production possibility curve, a decrease in unemployment would be best shown by
24. All of the following are possible costs of your decision to go away to college except
25. A government decides to spend more on defence and therefore cannot spend as much on improving the country's infrastructure.What economic idea is illustrated by this decision?
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