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Opportunity cost and supply/demand. Basic
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17 cards
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Questions
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Answers
1
Approach to decision making that shows us what benefits and opportunity costs will occur
marginal benefit
cost-benefit analysis
money order
2
Consumers start paying more for cupcakes than for donuts. What happens to the cupcake supply?
increases
decreases
stays the same
3
What is a decision?
Options.
A change between two things.
A choice between two things.
The difference between two things.
4
Jim went to McDonald's & got a Big Mac, he could have gotten a McRib. What is the opp cost?
going to KFC
a chocolate sundae
McRib
Big Mac
5
What is a trade-off?
choosing one thing over another
trading with someone
swapping something
changing places
6
What is a risk?
how I operate
something scary
taking a chance
a game
7
An increase in the price of beef may lead to an increase in demand for
cole slaw
buns
relish
hot dogs
8
What is opportunity cost?
Lost money.
The cost or value you give up.
Choosing both opportunities.
The cost of getting something.
9
The Law of Demand says that
As price goes up, quantity demanded goes up.
As price goes up, quantity demanded goes down.
As price goes up, quantity demanded remains the same.
As price goes up, the quantity supplied goes up.
10
The next best alternative that we miss out on when we make a choice is called the
opportunity cost
scarcity
trade-off
11
The supply schedule shows the various amounts that
consumers are willing to purchase.
sellers are willing to produce.
are paid for ads for a product.
donors are willing to contribute.
12
Which of these scenarios would most likely increase the supply of soccer balls?
a decrease in the price of resources needed
a increase in the supply of golf balls
a transportation strike
a government tax
13
T-shirts go on sale - you buy 3 instead of just 1. The quantity you demand increased because _
supply increased
price increased
price decreased
supply decreased
14
The price of fruit juice goes up. How will this affect the market for soda?
demand increases and price increases
supply increases and price decreases
demand decreases and price decreases
supply decreases and price increases
15
Which option BEST describes Opportunity Cost?
next best option of a decision made
making a decision with a high cost
missing an opportunity and it costs you
making a decision without any consequences
16
Jon bought a hovercraft for $3000, he chose not to buy a motorcycle. What's the opp. cost?
car
hovercraft
$3000
motorcycle
17
According to the law of supply, what happens as price increases?
quantity supplied decreases
quantity supplied increases
