Trade Offs Opportunity Cost Quiz
8 Questions
| Attempts: 747
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