Economics Trade-Off and Opportunity Cost

Economics Trade-Off and Opportunity Cost

12th Grade

10 Qs

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Economics Trade-Off and Opportunity Cost

Economics Trade-Off and Opportunity Cost

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

DANIEL WILEY

Used 64+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ alternatives that must be given up when one is chosen rather than another

opportunity cost

trade-off

need

want

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ cost of the next best alternative use of money, time, or resources when one choice is made rather than another

trade-off

opportunity cost

need

want

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The highest-valued, next-best alternative that must be sacrificed to obtain something or to satisfy a want

trade-off

opportunity cost

need

want

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For example, if you are given $20 and you choose to go to the movies and spend that $20. Your next choice would have been buy candy. Your Opportunity Cost would be

buy candy

buy McDonalds

Save the money

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For example, if you are given $10 and you choose to go to the Burger King and spend that $10 and gave up the opportunity to go to KFC. Your next choice would have been buy candy. Your Trade-off would be

Burger King

The mall

KFC

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A_______ is the basic requirement for survival

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A_____ is a way of expressing a need.

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