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Chapter 16 Exam Review Flashcards | StudBud
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Chapter 16 Exam Review
Chapter 16 Exam Review
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Questions
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Answers
1
Once you make a decision you give up one option or choice, this is called a________.
Benefit-cost analysis
variable cost
Marginal analysis
Trade-off
2
_______ is the study of how people choose to use their limited resources to satisfy their unlimited wants
Economics
Resources
Civics
Opportunity Cost
3
To make a good economic decision you must think about the_________ and _________ of each choice.
worth and value
quality and coolness
consequence and risk
Benefit and cost
4
the combination of all fixed and variable costs
a stressful time
Total cost
total revenue
a large expense
5
_________ is the situation of not having enough resources to satisfy all one’s wants
Scarcity
Supply and Demand
Surplus
Scaredy Cat
6
An Economic decision is when????
Mom and Dad give you allowance.
You make a choice between two or more things.
all of the above
The IRS gives you a tax return.
7
compares the additional benefit of doing something with the additional cost of doing it.
margo analysis
margarine analysis
marginal cost benefit
marginal analysis
8
True/False: Trade offs only occur with money.
False
True
9
the money a business receives from selling its goods or services
revenue
marginal revenue
fixed revenue
a good deal
10
the additional or extra opportunity costs associated with each increase of one unit of sales
marginal income
marginal cost
variable cost
marginal revenue
11
economic model that compares the marginal costs and marginal benefits of a decision
marginal cost analysis
Benefit costco analysis
Bennett cost analysis
Benefit cost analysis
12
____________is the cost of the next-best use of your time or money when you choose to do one thing rather than another
who cares I'll be rich and won't have to make trade-offs
opportunity-cost
a tough decision
Benefit-Cost
13
expenses that do not change no matter how much a business produces
Marginal cost
Variable cost
Marginal expense
Fixed cost
14
Scarcity forces societies to decide:
All of the above
How to produce it
What to Produce
Who to produce it for
15
the additional income received from each increase of one unit of sales
Cool revenue
variable revenue
Total revenue
marginal revenue
16
an expense that changes depending on how much a business produces
variable revenue
Marginal cost
Fixed expense
Variable cost
17
Which of the following economic systems would most likely be used by an Authoritarian government?
Common Economy
Demand Economy
Command Economy
Market economy
18
This is where the supply and demand are balanced
Surplus
Marginal Revenue
Shortage
Equilibrium Price
19
______________ is healthy in a mixed market economy and can help consumers get lower prices and better products.
Monopoly
Supply and Demand
Competition
Surplus
20
which of the following is an example of a variable cost.
Rent
Car insurance
Monthly cost of gas for your car
none of these
21
Playing fortnight with your bros or studying for a quiz is an example of a trade-off of your_____.
hard work
Money
education
Time
