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Opportunity Cost Quiz 7 (25 MCQs)

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1. Tangible (can touch it) economic product that is useful. Used to satisfy wants and needs.
2. Goods or services that you would like to have, but aren't needed for survival are called
3. What is Sunk Cost?
4. The production possibilities curve (PPC) is a graph that shows the various combinations of output that an economy
5. Which of the following best describes a WANT for school supplies?
6. Human wants are greater than the resources that are available to satisfy them." This implies the need for
7. What is not an assumption of the PPC
8. Economics is based on the
9. Which concept is most fundamentally related to scarcity?
10. Economics is the study of how people _____
11. Define opportunity cost:
12. Which one of the following is an opportunity cost?
13. Maggie decided to go to a concert in the park instead of studying the night before her CAHSEE. What is the opportunity cost?
14. What is the definition of opportunity cost?
15. "Opportunity cost" is related to the basic economic concept known as _____
16. You go to Target and pick 2 shirts. You only have enough money for 1 of them. One of them is on sale and the other is full price. You pick the one on sale. What is your choice?
17. Emily went to the mall with enough money to buy Taylor Swift's new album or a dress. When she arrives at the store there is only one copy of the CD left. She buys the CD and leaves the mall. What is the opportunity cost?
18. An economy that is producing the maximum amount of goods and services is considered
19. Alicia goes to the cafeteria to buy a chicken patty. She was late leaving class and the line for the burritos is out the door. Alicia instead decides to eat a sandwich whose line was not as long. What is the opportunity cost?
20. Mr. Dunn usually does not give out prizes for lessons. He thought about it some and considered doing it, but he still did not. What is his opportunity cost?
21. A girl can't buy both a party dress and a new pair of shoes. She decides to buy just the dress. What are the shoes?
22. If an economy is producing at a point inside its production possibility curve, then
23. Which one of these items is a want and why?
24. A farmer decides to grow potatoes instead of wheat. What is the opportunity cost of growing the potatoes?
25. Financial well-being means _____
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