Virtual AR Module 3 Review Question Preview (ID: 17365)
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Second best alternative, the option not chosen is the _______ ______ of the situation.
a) Opportunity Cost
b) Trade-off
c)
d)
Marginal Cost and Benefit are evident in every either or decision.
a) True
b) False
c)
d)
If a person was able to purchase more of a good than expected, it would be considered to be a__________ ________________.
a) Marginal Cost
b) Marginal Benefit
c)
d)
If a person is making a decision, they are looking at the two ___________.
a) options
b) alternatives
c)
d)
Consuming an extra good or service is considered to be a _________________.
a) Marginal Cost
b) Marginal Benefit
c)
d)
The benefit gained when a choice has been made is a/ an ___________.
a) incentive
b) prize
c) benefit
d)
Deciding between soda and water at dinner is considered to be a ________ decision.
a) Trade-off
b) Opportunity Cost
c) Choice
d)
If a person chooses to buy a pair of shoes instead of a new jacket, what does the jacket represent in economic terms?
a) Opportunity Cost
b) Trade-off
c) Decision
d)
The need to make a choice arises because____________.
a) People need to share their resources
b) Everything that exists is limited
c) Some things are not limited
d)
Marginal Cost is the cost of producing 100 more items.
a) True
b) False
c)
d)
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