Question 1(Multiple Choice Worth 3 points) When you make a choice, the experience from what would have been your second option is called

trade-off
supply
demand
opportunity cost
Question 2(Multiple Choice Worth 3 points)
Which of the following forces us to make choices?

Scarcity
Trade-offs
Opportunity cost
Money
Question 3(Multiple Choice Worth 3 points)
If the supply of video games decreases, you can expect the price of video games to

not change
increase
cut in half
decrease
Question 4(Multiple Choice Worth 3 points)
Another way to say that something is scarce is to say that it is

plentiful
rare
useful
great
Question 5(Multiple Choice Worth 3 points)
If the smart phone supply increases, you can expect the price of smart phones to

not change
increase
triple
decrease
Question 6(Multiple Choice Worth 3 points)
If the demand for high-definition televisions increases, you can expect their price to

increase
not change
cut in half
decrease
Question 7(Multiple Choice Worth 3 points)
You can either go to a movie or go bowling. If you choose the movie,

you will spend far more on the movie then you would on bowling
you will have made the choice that has the most benefit
your opportunity cost is the amount of money you pay for the movie
your opportunity cost is the time and experience of bowling
Question 8(Multiple Choice Worth 3 points)
The term scarcity means that

society has a limited amount of resources
fear determines what people will purchase
businesses succeed if they use high prices
people cannot have everything they want
Question 9(Multiple Choice Worth 3 points)
If the demand for skateboards decreases, you can expect the price of skateboards to

increase
triple
not change
decrease
Question 10(Multiple Choice Worth 3 points)
The fact that we cannot have everything we want is caused by

scarcity
benefits
trade-offs
demand