Which of the following statements is NOT true?

Every trade-off is an opportunity cost

Which would NOT be a negative incentive involved in students skipping school?

Receiving Compass cards from teachers

Who do incentives matter to?

All human beings regardless of where they live

Which of the following is a trade-off of choosing to go to college rather than choosing to enter the work force?

Not being able to make money as soon as possible

Economics is the study of.....

The allocation of scarce resource

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Principles of Econ Part 1

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Questions 15

Answers

1
You can buy pizza or a movie ticket. If you choose pizza, what is your opportunity cost?
The cost of the pizza
The time it takes you to eat the pizza
The movie ticket
The snacks you buy at the movie
2
Which of the following statements is NOT true?
Every choice has a cost
Every opportunity cost is a trade-off
Every trade-off is an opportunity cost
Choices have to be made because resources are limited
3
Students are FORCED by their parents and the government to attend school
True
False
4
Which of these determines why choices need to be made?
Scarcity
Opportunity Cost
Economics
Selfish People
5
Which would NOT be a negative incentive involved in students skipping school?
Receiving Compass cards from teachers
Missing out on valuable lessons
Parental consequences
Truancy Tickets
6
Unlimited Wants + Limited Resources = ???
Incentive
Equilibrium
Scarcity
Competition
7
The value of the next best alternative not chosen is known as...
Scarcity
Incentives
Trade-off
Opportunity Cost
8
Incentives are....
either positive or negative
always positive
how leaders control their subjects
always negative
9
What is the most basic economic issue for all societies?
Opportunity Cost
Cell Phone Reception
Scarcity
Taxation
10
Economists believe that to change people's behavior you must:
Appeal to their concern for society
Legislate (create a law) the change
Appeal to their religious values
Change their incentives
11
Who do incentives matter to?
All human beings regardless of where they live
Only to people who can't afford everything that they want/need
Only to the richest people who can buy whatever they need
Only when people are greedy and selfish
12
Which of the following is a trade-off of choosing to go to college rather than choosing to enter the work force?
Making more monetary earnings over your working career
Joining college organizations such as fraternities or sororities
Not being able to make money as soon as possible
Getting a college education
13
Economics is the study of.....
Monetary and fiscal policy
The efficiency of production
Making good business decisions
The allocation of scarce resource
14
We have to make choices in life because...
The world is a cruel place
Resources are scarce
Marginal benefits never exceed marginal costs
We have unlimited income
15
What term do economists use to describe what you give up when you decide to do one thing instead of another?
Marginal benefit
Trade-off
Marginal cost
Incentive

Principles of Econ Part 1 Flashcards | StudBud