1.3 Econ Formative

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1.3 Econ Formative

LT 1.3 I can list and explain tradeoffs and identify opportunity cost in personal decisions in order to make informed choices.

MUST SCORE 3/4 to pass this quiz. Retake as many times as needed!

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1. You can either spend 100.00 on a new economics textbook or a chromebook. If you choose to buy the new economics textbook, the opportunity cost is: *

1 point

$100.00

Chromebook

anything you would have bought with the $100.00

Impossible to determine

2. Amy makes a trip to the library for her favorite book. After 3 weeks, Amy has not had a chance to read the book. Amy knows she has 2 options: 1-Keep the book to finish it but pay a late fee, or 2-Return the book back to the library and not finish it. What is Amy's opportunity cost of returning the book to the library? *

1 point

paying the late fee

paying for something else

keeping the book to finish it

reading a different book

3. What is the opportunity cost of a decision? *

1 point

the series of alternative decisions that could have been made

the most desirable alternative given up for the decision

the different ways that a different person might have made the decision

the best possible way the question could have been decided

4. Trade-offs are.. *

1 point

the next best alternative to a person's choice

the same thing as opportunity cost

factors of production

necessary because resources are limited when making a choice

Self-assessment: How well do you know the content on this quiz? *

I guessed on every answer

I knew all the answers- didn't even have to use my notes!

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