EMS (Assignment 6 - Economic desisions)

Quiz
•
Business
•
8th Grade
•
Hard
Olivia Salzwedel
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define cost
It is what you lose or sacrifice to get something else.
It is the next best alternative or real cost given up by choosing another item
or the next best alternatives foregone
The action of sharing something out among a number of recipients.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define consumption
The action of making or manufacturing from components or raw materials.
Using, buying or eating something
The action of sharing something out among a number of recipients.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define distribution
The action of sharing something out among a number of recipients.
The action of making or manufacturing from components or raw materials.
It is the next best alternative or real cost given up by choosing another item
or the next best alternatives foregone.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The fundamental economic problem is ....
production
living expenses
scarcity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define opportunity cost
It is the next best alternative or real cost given up by choosing another item
or the next best alternatives foregone.
The action of sharing something out among a number of recipients.
It is what you lose or sacrifice to get something else
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three main kinds of decisions?
Consumption, distribution, opportunity cost
Distribution, consumption, production
distribution, production, cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define production
Using, buying or eating something.
The action of sharing something out among a number of recipients.
The action of making or manufacturing from components or raw materials.
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