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Virtual AR Module 3 Review
Test Description: VA Review
Instructions: Answer all questions to get your test result.
1) Marginal Cost is the cost of producing 100 more items.
A
True
B
False
2) If a person chooses to buy a pair of shoes instead of a new jacket, what does the jacket represent in economic terms?
A
Decision
B
Trade-off
C
Opportunity Cost
3) The need to make a choice arises because____________.
A
Some things are not limited
B
People need to share their resources
C
Everything that exists is limited
4) The benefit gained when a choice has been made is a/ an ___________.
A
benefit
B
prize
C
incentive
5) Deciding between soda and water at dinner is considered to be a ________ decision.
A
Trade-off
B
Choice
C
Opportunity Cost
6) If a person is making a decision, they are looking at the two ___________.
A
alternatives
B
options
7) Consuming an extra good or service is considered to be a _________________.
A
Marginal Cost
B
Marginal Benefit
8) Marginal Cost and Benefit are evident in every either or decision.
A
True
B
False
9) 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
10) Second best alternative, the option not chosen is the _______ ______ of the situation.
A
Trade-off
B
Opportunity Cost
*select an answer for all questions
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