Trade Offs Opportunity Cost Quiz

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Opportunity Cost Quizzes & Trivia

Quiz of Trade offs Opportunity Cost


Questions and Answers
  • 1. 
    Tradeoffs are options that the consumer has and can choose to take.
    • A. 

      True

    • B. 

      False

  • 2. 
    Define Opportunity Cost. 
    • A. 

      Cost of what your college fee will be

    • B. 

      Cost of the product that you have currently bought

    • C. 

      Cost of the next best option

    • D. 

      Cost of another option other than your current choice

  • 3. 
    The different combinations of two products that can be produced if the resources are fully employed is called the___.
  • 4. 
    Define three things that the Economic Model does.
    • A. 

      Predicts an economic condition.

    • B. 

      Creates an economic condition.

    • C. 

      Analyzes and economic condition.

    • D. 

      Solves an economic condition.

    • E. 

      Worsens an economic condition.

    • F. 

      Organizes an economic condition.

  • 5. 
    An ___ shows that the economy is able to produce more.
  • 6. 
    What are fully employed resources?
    • A. 

      All resources that are gathered for production

    • B. 

      All resources that are leftover

    • C. 

      All resources that are used for production

    • D. 

      All resources that are fully used for production

  • 7. 
    Check all reasons for IDLE resources.
    • A. 

      Lack of factories

    • B. 

      Lack of workers

    • C. 

      Lack of resources

    • D. 

      Lack of places to get resources

  • 8. 
    Production possibilities are only affected by resources.
    • A. 

      True

    • B. 

      False