Sunk Cost

Sunk Cost

7th Grade

7 Qs

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Sunk Cost

Sunk Cost

Assessment

Quiz

Life Skills

7th Grade

Practice Problem

Easy

Created by

Livio Livio

Used 3+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sunk Cost is always about money

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You can't reclaim a sunk cost.

True

False

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Once you've spent your time, energy, or _____, there's no getting it back.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you're not sure if you're being affected by the sunk cost fallacy,

search on Google and let AI tell you whether you are or not.

keep doing what you're doing and see if things will work out.

try to forget about the past while asking yourself if you'd invest starting right now.

seek counsel from those you trust and respect.

Both C and D

5.

MULTIPLE SELECT QUESTION

1 min • 1 pt

What is an example of NOT understanding sunk costs? (2 answers)

Buying a second Big Mac and eating it.

Cleaning your plate, even though you are not hungry anymore, because there are "starving children in Africa."

Buying a more expensive prom dress because it will make you look nicer.

Finishing a movie you rented on Amazon because it expires in a few hours, even though it's a boring movie.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a scalper offers you $500 for a concert ticket you paid $100 for, and you DON'T accept his offer, then

you made a really poor business decision.

you don't understand economics.

that $100 ticket is now worth $500.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you are eating at a restaurant, and you are full, and can't take the food home, you should

finish the food because of the starving babies in Africa

clean your plate because it is disrespectful not to.

stop eating

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